Nonbank servicers increased their holdings of Fannie/Freddie MSR by $54 billion during the first quarter of 2020, with a big chunk of that coming as New Residential boarded Fannie rights it acquired from Ditech last year.
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Treasury Secretary Steven Mnuchin said in an interview late Thursday that the Trump administration has no plans to fund a Federal Reserve facility to finance servicer advances.
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It’s becoming increasingly clear that unless Fannie or Freddie comes to the rescue of investors, certain pre-2015 CRT deals will sustain losses as millions of borrowers accept mortgage forbearance plans.
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The only rule explicitly stated by the GSEs is “forbearance does not mean payments are forgiven.” Meanwhile, the FHFA and CFPB have joined hands to protect consumers from fraudulent forbearance activities.
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In an effort to support the industry during the COVID-19 pandemic, mandated use of the redesigned Uniform Residential Loan Application is now scheduled for March 1, 2021.
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