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.
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.
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.
Heavy buying and selling in the secondary servicing market played a significant role in the third quarter ranking of GSE servicers. Chase continued to climb closer to the top rung.
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