The nonbank share of GSE servicing hit 57.8% as of the end of March, up from a 57.0% share at the end of 2023. Two of the largest banks reduced their GSE servicing during the first quarter. (Includes two data tables.)
The Foreclosure Abuse Prevention Act, signed into law in 2022, blocks lenders from avoiding New York’s six-year statute of limitations on foreclosures by simply canceling the foreclosure. New language in Fannie’s loan modification agreement may negate FAPA’s block.
The mortgage giant spelled out what servicers must do to ensure the GSE’s interests are protected by adequate property insurance on the collateral backing its mortgage loans. Fannie also hedges its bets on a lapse in the NFIP.
Resolve and its associated APIs have been tweaked to make them more efficient and improve the way lenders manage their mortgage relief and default activities.
The shifting volumes of the nation’s top servicers reflect MSR strategies in the tight mortgage markets since the Fed began raising rates. (Includes two data tables.)
Freddie clarifies how servicers should handle COVID-19 flex modifications for borrowers who recently became delinquent. Fannie announces a tool to compute the monthly income of self-employed borrowers.
Servicers should see several enhancements to Freddie’s Resolve platform and its APIs, including a dashboard they can use to manage their pipeline and track charge-offs.
The flurry of bulk sales of mortgage servicing rights continued into the third quarter, helping shift market share in the GSE market to larger firms. (Includes two data tables.)