Servicing

The portfolio of MSRs from three types of government-related loans has a particularly large California concentration, and could be sold on a component basis, according to the Mortgage Industry Advisory Corp.

The Federal Housing Administration has released a statement indicating it’s reviewing allegations by a group of 21 attorneys general that some mortgage companies failed to offer a modification option as required.

The compliance software provider plans to use this funding to add staff and drive customer acquisition.

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.