Tag: Fannie

Servicing Transfers and Pending Loan Modifications: What To Do When Your Mod Gets Lost in the Shuffle
By July 22, 2013 3 Comments Read More →

Servicing Transfers and Pending Loan Modifications: What To Do When Your Mod Gets Lost in the Shuffle

In the past year, there has been a massive sell-off of mortgage servicing rights (MSRs), especially for nonperforming loans. In some cases, the transferor retains ownership of the MSRs and merely transfers subservicing to a new servicer. For example, in January 2013, Bank of America and Fannie Mae reached an agreement to transfer servicing for […]

Posted in: Features
By July 11, 2013 3 Comments Read More →

Did You Know? How the Terms of a HAMP Modification Are Determined

Have you ever wondered how the servicer decides what terms to offer when evaluating a borrower for HAMP? Despite appearances, the terms that are modified are not arrived at randomly. The servicer applies a “waterfall” that specifies which terms will be adjusted, to what extent, and in what order. The waterfalls—there are a few—are described […]

Posted in: Did You Know?
No Doc Loan Modifications Are Here: What Do You Need to Know?
By July 7, 2013 0 Comments Read More →

No Doc Loan Modifications Are Here: What Do You Need to Know?

On July 1, Fannie Mae and Freddie Mac launched the Streamlined Modification Initiative (SMI) nationwide. Servicers of loans owned or guaranteed by Fannie or Freddie are required to evaluate most borrowers for a streamlined modification if the borrower is between 90 days and 2 years in default on a first-lien mortgage. The servicer will send […]

Posted in: Features
By May 24, 2013 0 Comments Read More →

Did You Know? Fannie and Freddie Now Call Deeds-In-Lieu “Mortgage Releases”

HouseKeeping Report is launching a new series called Did You Know? in which we will highlight, explain, or review a single term, program feature, or other item of interest to foreclosure mediators, housing counselors, attorneys and even homeowners. This week: Did you know that Fannie and Freddie now call deeds-in-lieu of foreclosure “Mortgage Releases”? A […]

By May 8, 2013 0 Comments Read More →

Fannie Mae Introduces New Servicing Tool For Evaluating Workout Options

This week Fannie Mae announced the introduction of a new servicing tool, called Servicing Management Default Underwriter (SMDU), to streamline the process for evaluating foreclosure prevention options. SMDU has been under development for three years and 14 servicers, including Nationstar, Greentree and US Bank, are already using SMDU for loss mitigation. Fannie claims that the […]

Posted in: News and Events
By May 1, 2013 0 Comments Read More →

Evil Ed DeMarco Finally On His Way Out? Not So Fast Say Republicans

The big news in the mortgage industry today is the long-awaited announcement that Obama is finally ready to name a permanent replacement for Ed DeMarco, the controversial career bureaucrat and Acting Director of FHFA. DeMarco has come under fire repeatedly for being big bankers’ best friend at the expensive of consumers, taxpayers, and common sense. […]

Posted in: News and Events
By April 11, 2013 0 Comments Read More →

FHFA Extends HARP Another Two Years

Today FHFA announced that it is requiring Fannie and Freddie to extend the Home Affordable Refinance Program (HARP) until December 31, 2015. The program was set to expire at the end of this year. HARP allows homeowners Fannie or Freddie loans and little or no equity to refinance into low market rates. FHFA also announced […]

Posted in: News and Events
By April 10, 2013 0 Comments Read More →

Bank of America, Citigroup, Chase and SunTrust Again Fail to Meet Fannie Mae Servicing Standards

Three years ago Fannie Mae launched the STAR Program. STAR stands for “Servicer Total Achievement and Rewards” and is designed to measure the performance of loan servicers, relative to their peers, in key areas like customer service and foreclosure prevention. While Fannie is too polite to call out those who consistently flunk the test, Fannie […]

Posted in: News and Events
By January 25, 2013 0 Comments Read More →

Group Demanding Foreclosure Moratorium Stages Sit-in at Sheriff’s Office (Updated)

We Are Oregon, a self-styled foreclosure resistance group, is staging a sit-in protest tonight at the Multnomah County Sheriff’s Office. According to the group’s website, eleven members are “conducting an act of civil disobedience today risking arrest to demand an end to evictions.” The protesters are refusing to leave “until the community demands are met,” […]

Posted in: News and Events
By January 16, 2013 0 Comments Read More →

Fannie Mae Now Providing Monthly Loan Level Details for Single Family MBS

Fannie Mae has announced that, beginning this month, Fannie will provide monthly loan level details for single family mortgage-backed securities issued on or after April 1, 2003. The data will be updated monthly and is available on PoolTalk under the Monthly Reporting Files tab, here. Although the new disclosures are designed to provide greater transparency […]

Posted in: News and Events