Servicing

Disaster plan called a disaster; European banks balk at free money

05/08/20

The SBA's long-standing Economic Injury Disaster Loan program has been so overwhelmed with applications that the agency has capped loan sizes; ECB finding few takers for a program in which it pays banks to make business loans.

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How Fannie Mae's advance cap has impacted the market so far

05/06/20

Some benefits are materializing from Fannie Mae's pledge to limit servicers' exposure to principal-and-interest advances the way Freddie Mac does, but counterparties of both GSEs remain exposed to other concerns.

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Fannie, Freddie won’t require lump-sum forbearance repayments

04/27/20

The FHFA's director said the announcement is meant to “combat ongoing misinformation” about efforts to let homeowners skip mortgage payments due to the coronavirus pandemic.

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CFPB issues guidance on making mortgage servicing transfers 'seamless'

04/24/20

The bureau said it began developing the standards before the coronavirus pandemic. But more transfers may occur as some servicers struggle to meet their obligations during their economic downturn.

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Mnuchin says U.S. has no plans for mortgage servicer lifeline

04/24/20

The Treasury secretary said recent government moves will help the firms get through the risk of millions of borrowers missing their loan payments.

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House passes extra PPP funding; big banks rake in deposits in first quarter

04/24/20

The bill, which President Trump is expected to sign Friday, includes $310 billion more funding; the four largest U.S. banks took in $590 billion of the $1 trillion banks attracted.

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State attorneys general urge FHFA, HUD to expand mortgage payment help

04/23/20

The bipartisan coalition of AGs said homeowners should be allowed to wait until the end of a loan term to make payments they skipped because of the coronavirus.

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Fannie, Freddie to buy nonbank mortgages; the varying approaches to PPP

04/23/20

Some say the agencies are exacting too high a price to buy loans from the cash-strapped lenders; some small banks hustled in dealing with the Paycheck Protection Program, others are accused of a hustle.

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Senate passes PPP 2.0; JPMorgan hashing out return-to-work plan

04/22/20

The bill, which includes $310 billion in new funding, is expected to pass the House on Thursday; Chase has no timeline for returning but plans to bring back employees to offices in stages.

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FHFA tries to cut liquidity-strained mortgage servicers some slack

04/21/20

The agency said it is aligning policies for Fannie Mae- and Freddie Mac-backed loans in forbearance so that servicers are only responsible for advancing four months of missed payments.

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