Fannie Mae Announces Servicing Policy Changes

Posted by Orb Staff on March 31, 2010 No Comments
Categories : Mortgage Servicing

Fannie Mae has announced several servicing policy changes in its Tuesday letter to servicers. The letter addresses foreclosure actions in the name of MERS, updates foreclosure attorney fees in New Mexico and Vermont, and clarifies document custodian requirements for government loan modifications, among other topics.

Effective with foreclosures referred on or after May 1, MERS must not be named as a plaintiff in any foreclosure action, whether judicial or nonjudicial, on a mortgage loan owned or securitized by Fannie Mae, the government-sponsored enterprise says. Fannie Mae's letter explains that the company will not reimburse the servicer for any expense incurred in preparing or recording an assignment of the mortgage loan from MERS to the servicer or to Fannie Mae.

To view the letter in its entirety, click here.

SOURCE: Fannie Mae

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