The Sophisticated and The Scammed III, Monthly Servicing Fees

Part I here

Part II here

Trying to figure this out. If any readers have insight into these very high servicing fees, please chime in.

At the very minimum, wouldn’t it have been a good idea for the settlement to include a two year servicing fee holiday?  This would mean the predatory servicers pay the trusts the monthly fees (so the investors aren’t harmed) but the homeowner families are given a two year servicing fee moratorium?  Plus, this would educate millions of Americans as to exactly how much they are paying for the privilege of dealing with the criminal servicer enterprise.

Remember, these are monthly fees which are paid as part of a monthly mortgage payment paid by the family or in the event they are frightened/threatened out of their home, it is eventually charged to the investors, pensions, municipalities, 401k funds.

Found 42 CWABS 2006-10 high servicing fee loans reported in Jan 2012 (see tables below for comparison of expected servicing fees compared to high servicing fees).

Also found 121 CWALT 2006-oc8 high servicing fee loans reported in Jan 2012. And, of course we are sure there are many, many more.

CWABS 2006-10 (sample of 42 loans with expected monthly servicing fees)

LoanNum BegSchedBal Rate LoanStatus ServicingFee
97478354 $380,276.04 0.50% DQ $158.45
113271005 $282,882.45 0.50% FC $117.87
116721215 $102,782.76 0.50% CURRENT $42.83
117295286 $291,983.98 0.50% CURRENT $121.66
117756993 $75,341.67 0.50% CURRENT $31.39
118050784 $74,854.44 0.50% CURRENT $31.19
118229830 $377,972.83 0.50% CURRENT $157.49
118243272 $195,495.87 0.50% FC $81.46
118269859 $108,267.69 0.50% CURRENT $45.11
118361423 $163,864.17 0.50% CURRENT $68.27
118420310 $426,056.45 0.50% DQ $177.52
118476144 $214,291.23 0.50% DQ $89.29
118491498 $200,034.73 0.50% CURRENT $83.35
118584221 $142,522.08 0.50% CURRENT $59.39
118642748 $118,364.18 0.50% FC $49.32
118645269 $319,767.49 0.50% DQ $133.24
118649525 $287,326.55 0.50% CURRENT $119.72
118682882 $281,576.63 0.50% DQ $117.33
118687370 $213,073.91 0.50% CURRENT $88.79
118711869 $253,846.37 0.50% FC $105.77
118759619 $189,148.05 0.50% FC $78.81
118795600 $80,452.98 0.50% FC $33.52
118825587 $48,550.93 0.50% CURRENT $20.23
118837301 $51,930.83 0.50% FC $21.64
118851023 $83,707.59 0.50% FC $34.88
118936201 $144,227.71 0.50% BK $60.09
118949475 $228,275.24 0.50% CURRENT $95.12
119022404 $188,910.74 0.50% DQ $78.72
119033301 $345,286.22 0.50% REO $143.86
119047525 $465,167.10 0.50% CURRENT $193.82
119048757 $100,692.92 0.50% CURRENT $41.95
119087778 $65,706.09 0.50% CURRENT $27.38
119117830 $59,556.29 0.50% CURRENT $24.81
119128991 $89,659.84 0.50% DQ $37.36
119131120 $118,524.25 0.50% DQ $49.38
119141073 $309,999.80 0.50% BK $129.16
119155323 $164,059.96 0.50% FC $68.36
119177614 $53,601.34 0.50% CURRENT $22.33
119185358 $506,199.66 0.50% CURRENT $210.91
119191599 $381,578.24 0.50% FC $158.99
119193920 $137,318.49 0.50% CURRENT $57.22
119201785 $60,697.37 0.50% BK $25.29

CWABS 2006-10 (42 high-servicing fee loans)

We thought perhaps the current loans might require higher servicing fees because of a modification. But, out of the current status loans, only one (#134414750) has a modification flag.

 

LoanNum BegSchedBal Rate LoanStatus ServicingFee
124789207 $229,223.18 1.63% DQ $310.41
127271306 $148,744.34 2.00% DQ $247.91
127375937 $106,945.42 1.25% CURRENT $111.40
132919666 $47,994.73 1.25% CURRENT $49.99
134643896 $184,267.99 1.63% BK $249.53
135070962 $135,602.33 2.00% DQ $226.01
135079463 $92,340.29 2.00% FC $153.90
135880483 $46,740.98 0.87% CURRENT $34.08
136097499 $138,538.78 2.00% FC $230.90
136232185 $372,741.00 1.25% FC $388.27
136288425 $77,744.80 2.00% CURRENT $129.57
136947160 $122,306.76 1.63% CURRENT $165.62
137042727 $492,836.92 0.88% CURRENT $359.36
137193428 $79,371.40 1.25% CURRENT $82.68
138716419 $76,449.11 2.00% FC $127.42
134193157 $236,741.75 2.00% CURRENT $394.57
137313403 $197,176.77 1.25% CURRENT $205.39
124663783 $178,374.57 1.25% BK $185.81
126838167 $211,084.65 1.63% REO $285.84
127396088 $139,478.32 2.00% BK $232.46
132582239 $155,648.10 1.25% CURRENT $162.14
133211035 $183,508.06 2.00% FC $305.85
133458616 $86,339.18 0.87% CURRENT $62.95
133978973 $105,815.01 2.00% CURRENT $176.35
134414750 $178,531.46 1.25% CURRENT $185.97
134429247 $142,035.62 0.88% REO $103.56

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