Gordon Albrecht of FCI Lender Services, the nation’s largest hard-money subservicer: "We [have been] getting a ton of requests for forbearance, but we’re a subservicer, so we have no authority to do any type of forbearance without the lender’s direction and permission.”
One of the challenges with borrowers getting forbearance in this category is a lack of clarity regarding which entity holds legal authority to decide terms of loss mitigation.
Servicers of Ginnie product are buying delinquent FHA and VA loans out of MBS pools and now the mortgages are showing up in a different forbearance category.