On September 27, 2011, FHFA issued Alternative Mortgage Servicing Compensation, a discussion paper seeking public comment on two servicing fee structures. The first structure, which was proposed to FHFA by the Mortgage Bankers Association, would make only modest changes to the existing fee structure. It would require the servicer to set aside separate cash account within the MBS trust which would be a reserve for [more...]
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Since the consent order of the top 14 mortgage servicers, consultants and servicers have been trying to build a comprehensive action plan in order to meet the demands of the consent order published April 2011, Interagency Review of Foreclosure Policies and Practices. In order for mortgage servicer to get this going, the servicer must perform a self assessment in order for the mortgage servicing to [more...] A major sensitive point of discussion of the Quality Assurance Subcommittee at the recent Mortgage Bankers Association Quality Assurance and Residential Underwriting Conference was the reinventing of servicing quality control. Some speakers indicated that technology firms have fallen short in updating the questioning standards for the quality control of servicing activities, processes, and procedures. Executives of one particular bank indicated that their servicing QC software was [more...] I must congratulate David Stevens, President and CEO of the Mortgage Bankers Association on his role and leadership in identifying gaps of continuity between the agencies that govern mortgage servicing and fusing the efforts for an efficient loan servicing standard. The National Mortgage News, August 1, 2011, Volume 35, No. 43, page 4, in an open forum published Mr. Stevens’ release. The MBA takes the position that [more...] Tomorrow we are off to our first MBA Servicing Conference in San Diego. Sherrie has worked hard putting everything together for our debut and we look forward to setting up mortgagees who want to move to the next level of mortgage banking by allowing QMS Servicing to handle their servicing needs. We have been blessed during the mortgage crisis and we have been able to expand [more...] |
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