Servicing

The plan aims to cut monthly payments by roughly 25% for homeowners in government-backed mortgages who are negatively impacted by the pandemic.

The Consumer Financial Protection Bureau issued a temporary final rule that allows mortgage servicers to initiate foreclosures on abandoned properties and certain delinquent borrowers, but it also outlined additional measures that shield distressed homeowners.

Ginnie Mae is allowing lenders to securitize modified home loans with this extended term as the Biden administration works to make more housing options available for struggling borrowers.

Most of the activity covered vacant and abandoned properties or commercial loans, according to Attom Data Solutions.

The Consumer Financial Protection Bureau disputes a district court ruling that misconduct claims against the company were already covered by a previous settlement.

The Dallas company agreed to sell MSRs tied to $14 billion of mortgages to PHH Mortgage.

The consumer bureau is proposing to give companies until January 2022 to comply with one rule regarding communications from collectors and another clarifying disclosure requirements.

One official at the bureau said this fall could be an “unusual point in history” for the mortgage market as delinquent borrowers exit forbearance plans. The agency proposed new steps for servicers to help consumers stay in their homes.

The FHFA’s forbearance extension to September is forcing nonbank servicers to buy out more delinquent loans. It's also upended loss estimates for investors and made racial and income disparities in the mortgage market worse.

The agency will allow an additional three months of forbearance for loans backed by Fannie Mae and Freddie Mac, giving homeowners up to 18 months to suspend payments due to the pandemic.