One of the largest players in the "new" nonprime mortgage industry is Citadel Loan Servicing, Irvine, CA, which now has a portfolio totaling $600 million.
Overall, Fannie Mae’s bottom line was bolstered by a strong quarter for originations: $510 billion in the second quarter compared to $380 billion in the first, according to Inside Mortgage Finance.
Under the agency’s current rules, residential servicers must tell a mortgagor about their foreclosure prevention options just once over the life of a loan.
The company has been diversifying heavily into subservicing contracts and over the past year has struck outsourcing deals with USAA and Seneca Mortgage Servicing.
Investors in Freddie (and Fannie Mae) common and preferred who bought their shares as a speculative investment are still wondering: Hey, when do we get some of that money?