Thursday, September 2, 2010

Excessively delaying Fannie Mae foreclosures to cost servicers

Fannie Mae will now review the compensatory fees due to servicers in cases where the government sponsored entity feel servicers are unnecessarily delaying foreclosure.
In a letter sent to servicers, Fannie Mae said it plans to review compensation when it deems it applicable, stating that loans “must not be put on hold on a blanket basis.”
Fannie Mae is clear that servicers must not jump the gun either, but rather must follow the letter of the law as it pertains to the Home Affordable Modification Program (HAMP) and Home Affordable Foreclosure Alternatives (HAFA) guidelines.

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Excessively delaying Fannie Mae foreclosures to cost servicers

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