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'Modifiable Mortgage' Pits Servicers Against Originators.(Brief Article)
The modifiable mortgage product that is being offered by both Fannie Mae and Freddie Mac could revolutionize the way refi booms play out.
There is at least one originator, Todd White, senior vice president, loan production manager, Arvest Mortgage, Lowell, Ark., who expressed the possibility at a recent roundtable sponsored by MSN's sister publication, Broker. He said that widespread adoption of note modifications could create "the possibility in the future of never again having a broker-driven refi boom." He added that the statement is an exaggeration, but modifications can have an impact on the broker/servicer relationship. Furthermore, the issue of the modifiable mortgage goes to the heart of one of the most contentious issues between mortgage brokers and mortgage servicers - who "owns" the borrower.
Until this product was introduced, note modifications had little impact on mortgage brokers. It was a loss mitigation tool for the secondary market and servicer to use when the borrower was in default. Most, if not all brokers would agree this is a positive thing to do, Mr. White noted in a separate interview with Broker.
Modifiable mortgages as a normal course of business were difficult to do in the past because of the impact they would have on loan securitization pools.
But in February of this year, Freddie Mac announced it has created two new ...
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Source: HighBeam Research, 'Modifiable Mortgage' Pits Servicers Against Originators.(Brief...