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Lower Jumbo Servicing Fee May Not Be a Sign of Things to Come.(Brief Article)
Fitch Ratings has lowered its minimum servicing fee requirements for fixed-rate, prime credit quality jumbo mortgage loans that are pooled into securities to 20 basis points from a previous minimum of 25 basis points.
But don't expect the rating agencies to engage in across-the-board servicing fee reductions anytime soon.
The servicing fee requirements for MBS backed by prime, short-term, adjustable-rate mortgages remains unchanged at 37.5 basis points.
For prime, hybrid ARMs, the servicing fee is now 20 basis points during the fixed-rate period of the loan, rising to 37.5 basis points when the loan converts to an adjustable rate. Analysts at Fitch said the rating agency only looked at the jumbo mortgage product for this review, and there are no plans to reduce the minimum servicing fees for other products such as alt-A loans, subprime product or high loan-to-value loans.
Analyst Cheryl Glory told MSN that Fitch sees "no impetus to reduce subprime servicing fees."
And ...
- Ginnie Mae Cuts Servicing Fee.
- Magazine article from: Mortgage Servicing News Collins, Brian March 1, 2003 700+ words
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- Magazine article from: Mortgage Banking Mozilo, Angelo R. February 1, 2005 700+ words
...mortgage with an average balance has dropped over the last 20 years from about 8 basis points to just 3 basis points today. The minimum required servicing fee of 25 basis points is more than eight times that cost; and today's average fee is about 31...
- Mozilo Thinks GSEs Should Cut Minimum Servicing Fee.(Angelo Mozilo)
- Magazine article from: Mortgage Servicing News Muolo, Paul December 1, 2004 700+ words
...set a minimum servicing fee of 25 basis points. Mr. Mozilo...Association reduced the servicing fee on certain securities to 19 basis points from 44 basis...Fannie/Freddie servicing fee was just 12 basis points. Copyright 2004...
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- Magazine article from: National Mortgage News Muolo, Paul March 24, 2003 700+ words
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- S&P Reiterates U.S. Prime Servicing Fee Criteria.
- Press release article from: Business Wire August 1, 2003 700+ words
...criteria require a minimum servicing fee of 20 basis points (bps) for U.S. prime...collateral and a minimum servicing fee of 25 bps for U.S. prime...amp; Poor's minimum servicing fee for subprime collateral continues...
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- Magazine article from: Mortgage Servicing News Muolo, Paul March 1, 2005 700+ words
...cut their minimum servicing fee to 12.5 basis points. In early February...slashing the minimum servicing fee, a move that could...reduced the minimum servicing fee on certain securities to 19 basis points from 44 basis points...
- Will Fannie Slash Servicing Fee?(Federal National Mortgage Association)
- Magazine article from: Mortgage Servicing News Muolo, Paul February 1, 2005 700+ words
...fact cut its servicing fee (currently set at 25 basis points), it...eighth (13 basis points). A few...reduce the servicing fee. As Mr...the minimum servicing fee on certain...securities to 19 basis points. Copyright...