Investments in customer service can help both borrowers and servicers, according to industry participants. Servicers are using AI and other tech to help borrowers and potentially generate recapture business.
“This program will facilitate much-needed liquidity for issuers while improving the stability of the government-backed reverse mortgage market,” said Sam Valverde, Ginnie’s acting president.
Tom Rettinger, chief portfolio risk officer at CrossCountry Mortgage, noted that prepayment models were built for a more balanced interest rate environment.
The share of mortgages in forbearance increased from 0.34% as of the end of September to 0.47% at the end of October, according to the Mortgage Bankers Association.
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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