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Fannie Mae Tightens Foreclosure Rules on Mortgage Servicers
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Fannie Mae Tightens Foreclosure Rules on Mortgage Servicers
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Fannie Mae Tightens Foreclosure Rules on Mortgage Servicers

June 8, 2011 (Chris Moore)

Fannie Mae has issued new rules for mortgage servicers as a first step in the implementation of the Aligned Servicing Requirement announced by the Federal Housing Finance Agency (FHFA) in April of 2011. Mortgage servicers will now have to achieve new standards in managing delinquent loans, default prevention, and foreclosure time frames.

Mortgage servicers will be required to take a more consistent approach with home owner communications, loan modifications and other workouts, and foreclosures which will be reinforced with new incentives and compensatory fees.

To increase effectiveness, mortgage servicers will now be required to contact home owners verbally and in writing during the first 120 days after a loan first becomes delinquent. Servicers will need to first try to complete a loan modification or other option that keeps the borrower in their home or helps the borrower avoid the foreclosure process.

To bring greater consistency, fairness and efficiency to the foreclosure process, servicers must follow clear timelines for referring loans to foreclosure, setting a date of sale for foreclosed properties, and use a designated council during the process. Once a property is 120 days delinquent, the foreclosure process must begin.

Fannie Mae will also provide incentives for mortgage servicers to complete loan modifications or other workouts earlier on in the homeowners delinquency and fine those who do not meet the benchmarks and do not process foreclosures in a timely manner.

“These new standards give homeowners facing difficulty making their mortgage payments a clear, consistent process,” said Jeff Hayward, Senior Vice President of Fannie Mae’s National Servicing Organization. “We want homeowners to be able to understand their options when facing foreclosure, and we want servicers to reach homeowners early in the process, communicate frequently and clearly, and help homeowners avoid foreclosure.”

Tags: Fannie Mae, mortgage servicers, FHFA, delinquent loans, default prevention, foreclosures, loan modifications, workouts

Source:
Fannie Mae

INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
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A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

June 8, 2011 (Chris Moore)

Fannie Mae has issued new rules for mortgage servicers as a first step in the implementation of the Aligned Servicing Requirement announced by the Federal Housing Finance Agency (FHFA) in April of 2011. Mortgage servicers will now have to achieve new standards in managing delinquent loans, default prevention, and foreclosure time frames.

Mortgage servicers will be required to take a more consistent approach with home owner communications, loan modifications and other workouts, and foreclosures which will be reinforced with new incentives and compensatory fees.

To increase effectiveness, mortgage servicers will now be required to contact home owners verbally and in writing during the first 120 days after a loan first becomes delinquent. Servicers will need to first try to complete a loan modification or other option that keeps the borrower in their home or helps the borrower avoid the foreclosure process.

To bring greater consistency, fairness and efficiency to the foreclosure process, servicers must follow clear timelines for referring loans to foreclosure, setting a date of sale for foreclosed properties, and use a designated council during the process. Once a property is 120 days delinquent, the foreclosure process must begin.

Fannie Mae will also provide incentives for mortgage servicers to complete loan modifications or other workouts earlier on in the homeowners delinquency and fine those who do not meet the benchmarks and do not process foreclosures in a timely manner.

“These new standards give homeowners facing difficulty making their mortgage payments a clear, consistent process,” said Jeff Hayward, Senior Vice President of Fannie Mae’s National Servicing Organization. “We want homeowners to be able to understand their options when facing foreclosure, and we want servicers to reach homeowners early in the process, communicate frequently and clearly, and help homeowners avoid foreclosure.”

Tags: Fannie Mae, mortgage servicers, FHFA, delinquent loans, default prevention, foreclosures, loan modifications, workouts

Source:
Fannie Mae

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

June 8, 2011 (Chris Moore)

Fannie Mae has issued new rules for mortgage servicers as a first step in the implementation of the Aligned Servicing Requirement announced by the Federal Housing Finance Agency (FHFA) in April of 2011. Mortgage servicers will now have to achieve new standards in managing delinquent loans, default prevention, and foreclosure time frames.

Mortgage servicers will be required to take a more consistent approach with home owner communications, loan modifications and other workouts, and foreclosures which will be reinforced with new incentives and compensatory fees.

To increase effectiveness, mortgage servicers will now be required to contact home owners verbally and in writing during the first 120 days after a loan first becomes delinquent. Servicers will need to first try to complete a loan modification or other option that keeps the borrower in their home or helps the borrower avoid the foreclosure process.

To bring greater consistency, fairness and efficiency to the foreclosure process, servicers must follow clear timelines for referring loans to foreclosure, setting a date of sale for foreclosed properties, and use a designated council during the process. Once a property is 120 days delinquent, the foreclosure process must begin.

Fannie Mae will also provide incentives for mortgage servicers to complete loan modifications or other workouts earlier on in the homeowners delinquency and fine those who do not meet the benchmarks and do not process foreclosures in a timely manner.

“These new standards give homeowners facing difficulty making their mortgage payments a clear, consistent process,” said Jeff Hayward, Senior Vice President of Fannie Mae’s National Servicing Organization. “We want homeowners to be able to understand their options when facing foreclosure, and we want servicers to reach homeowners early in the process, communicate frequently and clearly, and help homeowners avoid foreclosure.”

Tags: Fannie Mae, mortgage servicers, FHFA, delinquent loans, default prevention, foreclosures, loan modifications, workouts

Source:
Fannie Mae

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?
DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?
WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
CALCULATE YOUR MORTGAGE PAYMENT
BENEFITS OF REFINANCING YOUR MORTGAGE
ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

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