Some newcomers to mortgage servicing did not hedge because hedging would have increased costs. Had rates moved up, the strategy would have paid off handsomely. Instead, it worked against them.
The scorecard compares issuers’ operational strength and skill in managing delinquent loans with those of their peers.
It can be difficult to have enough staff to handle an exchange of mortgage servicing rights, though companies are exploring different solutions
One in three struggling homeowners who received a loan modification through the Home Affordable Modification Program ultimately redefaulted on those loan.Meanwhile, the program that was supposed to help some 4 million families avoid foreclosure has helped only a fraction of that amount, according to a report presented to Congress.
The heightened regulatory environment for servicers has also prompted a wave of process improvements.
The Mortgage Bankers Association's annual servicing conference opened with a plea from Quicken Loans CEO Bill Emerson for executives to remember their duty beyond collecting loan payments from borrowers.
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