Chase Home Finance solidified its position as the largest GSE servicer in the second quarter while the servicing portfolio at second-ranked Wells Fargo continued to shrink.

Fannie has updated its selling guide to provide modest flexibilities on manufactured home loans, adjustable-rate mortgages and cash-out refinances.

Chase Home Finance dethroned Wells Fargo as the largest GSE servicer and the big servicers — both banks and nonbanks — expanded their market share in the first quarter of 2023. (Includes two data charts.)

Based on the success of payment deferrals during the COVID-19 emergency and feedback from industry, FHFA has made the option a key part of loss mitigation for the GSEs.

The nonbank share of GSE servicing held steady in 2022 even as sales slipped a bit. (Includes data chart.)

Critics argue that, by targeting deep-pocket institutional buyers, the enterprises’ sale of non-performing and reperforming loans removes homes from the buyers’ market and makes it impossible for nonprofit organizations to participate meaningfully.

NCLC attorneys claim the bulk sale of seasoned loans allows buyers to circumvent the GSEs’ loss-mitigation programs. That adds up to more borrowers unable to stay in their home.

The nonbank share of GSE servicing peaked early in 2022. Later in the year, large banks regained some share. (Includes two data charts.)

Former MBA President David Stevens believes the idea that the GSEs should assess the MSR valuations of their seller/servicers may have come from Fannie and Freddie themselves.

The state of Florida is setting up a reinsurance fund to stabilize a property insurance system plagued with disaster-related insolvencies and years of underwriting losses.