MORTGAGE JOB POSTING: GSE Loan File Auditors Needed
December 29, 2009 – 12:30 pmPosted To: Voice of Housing
As we've discussed several times in the recent past , the GSE's are actively investigating non performing loan files for breaches of representations and enforcing warranties. What has traditionally been viewed by originators and lenders as a low frequency, moderate severity event ("a cost of doing business") - loan buyback requests are now multi-billion dollar contingent liabilities that command substantial financial and operational resources. Consider that the GSEs alone have roughly $400 billion of non performing loans in aggregate and that equates to roughly 3.5 million files that are in the queue to be reviewed. If you assume that 50% of those files will be contested by the defending originator - theoretically, you are looking at well over 5 million files that will need...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.