SPS, which has been servicing residential loans since 1989, handles a portfolio of about $180 billion, largely of loans in non-agency mortgage-backed securities.
Most of the increase in Freddie buybacks in the first quarter of this year came from loans that were securitized in 2023, which totaled $219.1 million and represented 65.8% of Freddie repurchases in early 2024.
“The Biden administration is committed to fostering innovation in the financial sector while ensuring that we protect consumers, investors, and our financial system from risks that new technologies pose,” said Nellie Liang, under secretary for domestic finance at the Treasury.
An analysis by Inside Mortgage Finance found that only 1.5% of purchase mortgages in agency mortgage-backed securities issued in 2023 carried a combined loan-to-value ratio greater than 97%.
The CFPB reiterated that Regulation Z prohibits mortgages for principal dwellings from including “terms requiring arbitration or any other nonjudicial procedure as the method for resolving any controversy or settling claims arising out of the transaction.”
Housing affordability ranked as more important for voters in the 2024 presidential election than abortion rights or student debt, according to a survey commissioned by Redfin.
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