Five industry trade groups have sent a new letter to Federal Housing Finance Agency (FHFA) director Edward DeMarco, telling him – more or less – that they believe the 'fee for service' (FFS) concept would be a disaster for both the industry and consumers.

The five, including the Mortgage Bankers Association (MBA) and Community Mortgage Banking Project (CMBP), said a FFS model would eliminate “skin in the game” for servicers and offer few incentives to invest in infrastructure.

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