New Fannie Mae Guidelines Well, a little late if you ask me but very needed nonetheless – Fannie Mae has announced that they have new rules to require mortgage servicers to act consistently and more rapidly with helping homeowners avoid foreclosure.
Strong Customer Service Relationship Fannie told mortgage servicers they must try to build a “strong customer service relationship,” try to better understand why the borrower is missing payments, and educate them on ways to prevent foreclosure. “We want home owners to be able to understand their options when facing foreclosure, and we want servicers to reach home owners early in the process, communicate frequently and clearly, and help home owners avoid foreclosure,” says Jeff Hayward, senior vice president of Fannie Mae’s national servicing organization.
Contact Homeowners Fannie also told servicers they will have to contact homeowners verbally and in writing within 120 days after a loan first becomes delinquent. They also need to try to complete a loan modification or other option that keeps borrowers in their homes or helps them avoid the foreclosure process. If foreclosure is unavoidable, servicers will need to follow a clear time line and must begin the foreclosure process once a loan has been delinquent for more than 120 days. Servicers also must make it clear when a property in the foreclosure process will be sold.
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