Some lender/servicers that have perfected HARP refinancings are starting to hunt for servicing portfolios that have a sizeable portion of program eligible loans, according to a PricewaterhouseCoopers servicing expert.
“We have seen some portfolios being targeted for servicing transfers not because of the serving attributes…but from a HARP prospective,” said PwC’s Bryan Heft at a Washington conference sponsored by the American Institute of Certified Public Accountants.
In other words, a buyer acquires the MSRs with the thought of refinancing the underlying loans through the Home Affordable Refinance Program.
Heft noted that MBS investors are “paying up” for such product.
Overall, not many HARP MSR packages have changed hands to date, but activity is picking up, he said.
So far, most sales involve transferring portfolios from a servicer to a specialty servicer—driven mainly by the guarantors.
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