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Home | News | Loss Mitigation

The Week Ahead: Freddie Mac’s Servicer Success Scorecard

The 2017 Servicer Success scorecard is a part of Freddie Mac’s Servicing Success Program, which offers analysis of servicer performance through defined metrics, benchmarks, requirements, financial incentives, and compensatory fees. The Scorecard offers metrics for both default management and investor reporting, and releases at the end of every month. New reports in the scorecard include a Rank Improvement Report and a 12-Month Rolling Scorecard Summary.

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Fannie Mae Announces Reperforming Loan Sale Winner

Fannie Mae announced the results of its second reporforming loan sale transaction. The deal was previously announced on March 14, and consisted of 7,600 loans totaling $1.65 billion in unpaid principal balance (UPB). All four loan pool were won by DLJ Mortgage Capital, Inc., and the transaction is expected to close on May 25.

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FHFA Reports Drops In Refinances

According to a report from the Federal Housing Finance Agency, total Refinance volume has dropped as mortgage rates have risen. In February 2017, borrowers completed 4,198 refinances through HARP, and since HARP’s inception in 2009, the program has made 3,456,422 refinances. HARP represented three percent of total refinance volume, and six percent of loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.

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Supreme Court Judge Refuses To Reopen Credit Suisse Suit

A New York State judge refused to reopen a dismissed lawsuit against a Credit Suisse AG unit, Law360 reports. New York Supreme Court Judge Eileen Bransten previously dismissed the case involving $1 billion in losses from faulty residential mortgage-backed securities (RMBS), but new RMBS claims were not enough for U.S. Bank NA, a trustee for some RMBS pools, reopen the suit.

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Kashkari Responds to JPMorgan Chase CEO

JPMorgan Chase CEO Jamie Dimon stated in a letter to shareholders that the issue of “too big to fail” is solved. However, Minneapolis Federal reserve President Neel Kashkari disagrees. In an interview with Adam Shapiro on Fox Business that Too Big to Fail has not been solved, and is in fact worse.

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First American Executive Awarded as ‘Valuation Visionary’

The Valuation Visionary award recognizes a standout collateral valuation professional every year who has demonstrated outstanding leadership, innovation and professionalism. Winners are nominated by their peers within the Collateral Risk Network. The recipient will be awarded at the Valuation Expo East on March 20, 2017, in Orlando, Florida.

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