Servicing

The Homeowner Assistance Fund was included in the American Rescue Plan Act passed last March and is intended to provide almost $10 billion in aid to homeowners.

The loans in the portfolio on offer have nearly 11 months of seasoning, indicating they were amassed during a loan production boom that has contributed to higher average servicing deal sizes.

The company plans to hire an unspecified number of people in servicing as a result of the shift, with a particular focus on recruiting people for “customer-facing” positions.

The metric’s imminent end after more than 40 years means servicers need to put replacement plans in motion if they haven’t already.

With $258 million coming from the Homeowner Assistance Fund, the state introduces its plan as federal restrictions prohibiting foreclosures come to an end.

The new leader, who officially joined the government mortgage-bond insurer on Jan. 3, is the first Senate-confirmed holder of the post in close to five years.

Mortgage performance in November was improving, coming close to crossing a key threshold for pandemic-era recovery, but Omicron raises questions about whether that trend will continue.

Borrowers accepting federal loan modifications saw payments on principal and interest reduced between 27% and 33%, according to estimates by the Federal Reserve Bank of Philadelphia.

The current patchwork approach to financing the retrofitting of low-income apartment buildings is one of the key issues that should be addressed, the company’s report found.

The state has distinct loss mitigation policies, and particularly complex rules for foreclosures scheduled to fully restart when its ban ends — and other states could write similar rules.