Fannie Keeps Pushing Changes to Servicing Comp

The debate over how (and if) servicing compensation should be changed continues to rage on – quietly, that is. Our sources tell us that Fannie Mae appears to be the one driving this truck with Freddie Mac and Ginnie Mae sitting in the back seat, shouting, “Slow down.” In short, Freddie and Ginnie are leaning toward making no major changes to minimum servicing fees while big sister Fannie is adamant on altering (in a major way) the payment landscape. Over the past two weeks Fannie has held at least two webinars on the subject. Webinar materials penned by the GSE and provided to National Mortgage News suggest that Fannie is actually worried about industry consolidation. Here’s one bullet point: “The creation of a capitalized MSR [mortgage servicing rights] may have contributed to consolidation in the mortgage servicing industry.” Some servicing advisors believe that Fannie is all wet on this one…