Although federal regulators aren't giving many specifics as to how they might change servicing compensation, at least one participant in recent meetings with the government said they've decided on a number: 12.5 basis points.

Dave Stephens, vice president of United Capital Markets, a servicing advisory firm, said the Federal Housing Finance Agency (FHFA)has "given up" on the "concepts of the 0 basis point, three-basis point service fees and the 1% P&L [principal and interest] strip as servicing compensation."

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