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Table Of Contents

I. Overview of the Mortgage Servicing Industry
A. Servicing and Securitization
1. Traditional Portfolio Lending
2. Mortgage Securitization
3. Segmentation of the Mortgage Securitization Market
B. The Servicing Business
1. Servicer Specialization
2. Automation and Economies of Scale
C. Servicing Contracts (Pooling and Servicing Agreements)
1. Loan Management Standard
2. Servicer Compensation
II. Regulation and Monitoring of Servicers
A. Consumer Protection Regulations Applicable to Servicers
1. Fair Debt Collection Practices Act
2. Real Estate Settlement Procedures Act
3. Truth in Lending Act
B. Investor Protection Regulations Applicable to Servicers: Regulation AB
C. Supervision of Servicers by Investors and Trustees
D. Market Segment Specific Regulations
2. Ginnie Mae Servicing Regulations
3. Fannie Mae/Freddie Mac Servicing Guidelines
4. Rating Agencies‘ Ratings of PLS Servicers
5. State Regulation
III. Mortgage Servicing‘s Principal-Agent Problem
A. Servicing Compensation
1. Servicing Fees Come at the Expense of Investors
2. Lack of Incentive to Maximize Net Present Value
3. Implications for HAMP
4. Incentives To Favor Particular Forms of Modification
B. Why the Market Will Not Self-Correct
IV. Reforming Mortgage Servicing: Require Special Default Servicers
Conclusion
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45423530 Adam Levitin and Tara Twomey White Paper on Mortgage Servicing

45423530 Adam Levitin and Tara Twomey White Paper on Mortgage Servicing

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Published by Robert Fried

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Published by: Robert Fried on Dec 29, 2010
Copyright:Attribution Non-commercial

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11/10/2011

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