Large nonbanks serviced 40.0% of all loans in mortgage-backed securities issued by Fannie Mae and Freddie Mac as of the end of September. (Includes two data tables.)
The GSEs will expand eligibility for loan modifications by revising mark-to-market LTV ratio-based requirements and using a step-by-step process until the borrower’s P&I payment is reduced by 20%.
Freddie is adding loan mod functions to its Resolve system and retiring Workout Prospector. The GSE is also setting new fraud reporting requirements for lenders and servicers.