FCI Lender Services, the nation's largest servicer of privately held mortgages, has received final servicing approval from the Federal Housing Administration.
A few months back the Anaheim Hills, Calif.-based specialty servicer also received a green light from Freddie Mac.
"FCI has been strictly private money servicing/collecting for 30 years -- no GSE, FHA, government or anything," said company EVP Gordon Albrecht. "We got these approvals for servicing because many clients are getting into nonperforming pools that need a servicer approved for FHA, HAMP and either FHLMC or FNMA."
Although FCI received its Freddie stamp, it does not have Fannie Mae approvals. "We got the Freddie rather than the Fannie because we do not want to lend, which is a Fannie requirement," Albrecht said.
According to figures compiled by National Mortgage News and the Quarterly Data Report, FCI ranks sixth nationwide among nonprime subservicers.
