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Some Oppose Servicing Fee Cut.
Washington -- Key players in the mortgage industry appear to have differing opinions on whether Fannie Mae and Freddie Mac should cut their minimum servicing fee to 12.5 basis points.
In early February, the Mortgage Bankers Association held a private forum on the issue with 30 participants attending - some making presentations for a cut and others arguing for maintaining the current minimum of 25 basis points.
Discussing the meeting, Steve O'Connor, vice president of government affairs for MBA, said, "A number of people support the cut, a number of people want to maintain the status quo, and a number are undecided."
However, Mr. O'Connor said he could not identify which firms are for, against and neutral. He would not comment further.
According to one participant in the meeting, Wells Fargo Home Mortgage, Des Moines, the nation's second-largest servicer, is adamantly opposed to any type of significant cut in the minimum servicing fee and made a presentation at the MBA forum highlighting its concerns.
The participant, requesting his name not be used, added that he felt "a lot of Wells' arguments were pretty contrived."
A spokeswoman for WFHM said the company would not be commenting on the matter.
- Mozilo Thinks GSEs Should Cut Minimum Servicing Fee.(Angelo Mozilo)
- Magazine article from: Mortgage Servicing News Muolo, Paul December 1, 2004 700+ words
...convincing Fannie Mae and Freddie Mac to slash their minimum servicing fee. Under current rules of engagement with the industry, Fannie and Freddie have set a minimum servicing fee of 25 basis points. Mr. Mozilo, chairman and...
- Mozilo Thinks GSEs Should Cut Minimum Servicing Fee.
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- The case against lowering the minimum servicing fee.
- Magazine article from: Mortgage Banking Heid, Michael J. March 1, 2005 700+ words
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- MBA Meeting On GSE Servicing Fee.
- Magazine article from: National Mortgage News January 31, 2005 700+ words
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- Ginnie Mae Cuts Servicing Fee.
- Magazine article from: Mortgage Servicing News Collins, Brian March 1, 2003 700+ words
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- Newspaper article from: Asset Securitization Report Sibayan, Karen January 10, 2005 700+ words
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- Fannie Cuts ARM Servicing Fee.
- News wire article from: Mortgage Line February 17, 2006 700+ words
...Fannie Mae has reduced its minimum servicing fee on adjustable-rate mortgages...willing to cut the minimum ARM servicing fee to 12.5 bp for high-quality...On a negotiated basis, the minimum servicing fee on certain adjustable-rate...
- Fannie Cuts ARM Servicing Fee.(adjustable-rate mortgages )(Brief Article)
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...Fannie Mae has reduced its minimum servicing fee on adjustable-rate mortgages...willing to cut the minimum ARM servicing fee to 12.5 bp for high-quality...On a negotiated basis, the minimum servicing fee on certain adjustable-rate...
- S&P Reiterates U.S. Prime Servicing Fee Criteria.
- Press release article from: Business Wire August 1, 2003 700+ words
...current criteria require a minimum servicing fee of 20 basis points (bps...fixed-rate collateral and a minimum servicing fee of 25 bps for U.S. prime...Standard & Poor's minimum servicing fee for subprime collateral continues...
Source: HighBeam Research, Some Oppose Servicing Fee Cut.