Although Fannie Mae and Freddie Mac are toying with the idea of changing their servicing contract with seller/servicers, the Government National Mortgage Association is not at this time.
However, in an interview with National Mortgage News, GNMA president Ted Tozer said his agency is not considering an immediate change in servicing fees paid to loan processors, but called the talk about a GSE reduction in servicing fees an "interesting idea."
He had no further comment on the matter. During the week of January 17, Tozer is speaking at a Mortgage Bankers Association conference on servicing in Washington.
Servicing advisors who work with mortgage firms, including some of the largest banks in the nation, said Fannie and Freddie have talked about changing the servicing fee contract for years. However, specific talk of reducing the GSE servicing fee of 25 basis points occurred in private meetings between Fannie executives and mortgage bankers at the Mortgage Bankers Association annual convention this past fall. One West Coast executive, requesting his name not be used, said he was in on those talks, noting that, "It was just a discussion."
Meanwhile, during an earnings conference call Friday, JPMorgan Chase CEO Jamie Dimon said reducing the GSE servicing fee "would not have a big impact" on the mortgage business, noting that it would only change how the MSR asset is accounted for on the balance sheet of depositories.
JPM, he added, will not be affected by new Basel III accords that cap how much MSRs can be counted toward core capital.
