If a servicer fails and its portfolio cannot be transferred quickly the GSE may have delayed access to escrow accounts and may incur late fees for failing to pay tax and insurance obligations on time.

The standards would also require nonbank mortgage servicers to establish a board of directors, or, if the servicer is not approved to service GSE loans, a similar oversight body.

These key differences between Ginnie Mae and GSE servicing have been exacerbated as public policy interventions have extended delinquency resolution time frames, in turn increasing the need for ...