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Definitely servicers. Not a very sophisticated lot.
Years ago I used to be the guy at Fannie Mae all the servicers would send the monthly servicing data and payment to for loans Fannie Mae actually bought and held onto (as opposed to securitizing). I was responsible for validating the data and the payment before uploading it to to make sure everything checked out. It usually did except for one servicer. Their data was always full of errors and the payment was always wrong. Serious errors. After months and months of looking at their servicing data and seeing things that I could not believe I was seeing, I told Fannie that the servicer was basically making shit up.
The year? 2003. The servicer? Countrywide.
Nobody listened.
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