The Inspector General’s office of the Federal Housing Finance Agency is taking bids on a contract to evaluate mortgage servicing rights, according to a ‘request for proposal’ being circulated around the industry.
House Republican leaders have included a hike in GSE guarantee fees in their bill to extend a payroll tax holiday that is similar to a Senate version, which means seller/servicers could be facing higher g-fees next year.
State and local governments aren’t the only ruling bodies feeling the impact of the housing meltdown. So are homeowner associations, the “mini” governments that ride herd over hundreds of thousands of communities from coast to coast.
Fannie Mae recently told its seller/servicers that all mortgage insurance rescissions, cancellations and claim denials tied to loans it bought must be reported to the agency immediately.
Perhaps the future for loan brokers isn’t so bleak after all. Wholesale lenders table funded almost $33 billion of loans in the third quarter, giving the channel a 9.2% market share, according to new figures compiled by National Mortgage News and the Quarterly Data Report.
Even with the housing market stabilizing and a settlement between megaservicers and state AGs on the horizon, the mortgage industry shouldn’t expect an increase in originations next year, according to a new forecast from Keefe, Bruyette & Woods.
The Mortgage Bankers Association, in a new comment letter, strongly urges the government not to change the current GSE servicing compensation model, shooting down a FHFA proposal that would pay loan processors $10 per month for performing loans.
