PROJECTThe Mortgage Servicing Collaborative


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  • May 2, Full collaborative meeting
  • June 14, Government programs work stream meeting
  • July 18, Data working group meeting
  • July 24, Collaborative advisory meeting
  • August 30, Data working group meeting
  • August 31, Full collaborative briefing
  • September 25, Loss mitigation and modification experience work stream meeting
  • October 19, Consumer advisors meetings
  • December 19, 2017, Full collaborative meeting
  • January 25, 2018, Monthly member briefing
  • February 22, 2018, Monthly member briefing
  • March 22, 2018, Monthly member briefing
  • April 10, Standards working group meeting
  • April 26, 2018, Monthly member briefing
  • May 24, 2018, Monthly member briefing
  • June 19, 2018 Full Collaborative Meeting
  • July 26, Monthly member briefing
  • August 23, Monthly member briefing
  • September 18, Work Stream 5 Meeting
  • September 27, Monthly member briefing
  • October 25, MSC Government Advisors meeting
  • November 1, Monthly member briefing
  • Workstream 5, non-performing loans meeting on November 27, 2018
  • Workstream 5, Servicing Compensation Meeting on November 30, 2018
  • Summary of December MSC Convening December 6, 2018
  • MSC News Coverage

  • Workstream 5, non-performing loans meeting on November 27, 2018

    On November 27, ten members of the Mortgage Servicing Collaborative convened for a subcommittee meeting on non-performing loans as part of work stream 5. There are two issues in focus for this subcommittee, both related to FHA’s loss mitigation toolkit:

    1. Burdensome documentation requirements
    2. Face-to-face interview requirements

    On burdensome documentation requirements, there was broad subcommittee agreement that detailed expense documenting is a painful process for borrowers and is an expensive requirement for servicers to comply with. HFPC will look at the cost of collecting this documentation and review the extent to which data may show whether it works. On FHA face-to-face interview requirements, there was broad subcommittee agreement that this is a painful and antiquated requirement for both borrowers and servicers, and is expensive for servicers to comply with. The subcommittee discussed whether the face-to-face requirement should be eliminated or retained but limited in scope for cases such as natural disasters. Another discussion point was whether mandatory default housing counseling is an alternative solution to consider. HFPC staff will examine the mandatory default housing counseling option as a solution, and whether removing the requirement and allowing servicers the discretion to conduct a face-to-face meeting with a borrower is also a solution.

    Next step: Subcommittee is writing a blog to post on Urban Wire about these two topics.

    Research Areas Housing finance
    Policy Centers Housing Finance Policy Center