Fannie Taps CCCS For FC Counseling Initiative

Posted by Orb Staff on May 07, 2010 No Comments
Categories : Mortgage Servicing

Fannie Mae has announced a new partnership that the company says will accelerate response time and provide financial counseling to distressed Florida homeowners whose mortgages are owned by Fannie Mae and serviced by SunTrust.

Under the agreement, the Orlando agency of Consumer Credit Counseling Service of Central Florida and The Florida Gulf Coast (CCCS) will initiate a grassroots mail and telephone campaign focusing on eligible homeowners who are delinquent on their mortgage payments. The goal of the campaign is to help eligible homeowners understand the steps they can take to prevent foreclosure, Fannie says.

Homeowners will be encouraged to schedule an appointment to meet with English- and Spanish-speaking housing advisors. The counselors will explain the qualification requirements for loan modification programs or other assistance available to them and help to facilitate an expedited resolution.

‘This partnership with CCCS is the latest step in our effort to expand national foreclosure-prevention assistance programs in hard-hit markets around the country,’ says Terry Edwards, Fannie Mae's executive vice president, credit portfolio management. ‘It is important for homeowners who are struggling with their mortgage to access free assistance. We are finding many borrowers are paying third parties for services that are free if they connect with their servicer.’

CCCS will assist each qualifying mortgage holder with organizing the documentation necessary to complete a loan modification through the Making Home Affordable program, or other programs, and submit the information directly to the servicer. Additional monitoring services will be provided to homeowners who enter into a trial modification to ensure that they submit any outstanding information required by the servicer in a timely manner, Fannie Mae adds.

SOURCE: Fannie Mae

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