The Federal Housing Finance Agency (FHFA) as early as this week may release a new discussion paper on restructuring servicing compensation for GSE loans while seeking a new round of public comments on proposed changes.
"We are moving forward with a second opportunity for comment and input on servicer compensation," FHFA general counsel Alfred Pollard told a Mortgage Bankers Association' regulatory compliance conference Monday.
One source close to FHFA described the paper as a “work in progress.”
Earlier this year, FHFA and the Department of Housing and Urban Development began exploring the idea of changing the 25 basis point minimum servicing fee for GSE loans.
To date, it has been unclear what change, if any, might be made to the 44 basis point minimum on GNMA loans.
Most of the industry has been opposed to any radical changes in servicing fees. Industry advisors have told ASR sister publication National Mortgage News that Freddie Mac and GNMA favor little or no change with Fannie Mae being the only agency favoring a significant reduction in fees.
"FHFA is coordinating the efforts of the initiative to gather feedback from the industry, consumer groups and investors, and from other regulators and government agencies," according to a discussion document issued in February.
The industry has been waiting on the new servicing compensation paper for several months. Originally, a draft of the paper was expected in July.