Fannie Mae is updating policies as a result of certain Consumer Financial Protection Bureau (CFPB) rules and regulations that implement the mortgage servicing provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and other eligibility requirements for liquidation workout options. The policies updated in this Announcement relate to:
- General requirements for standard short sale/HAFA II and Mortgage Release™
- Eligibility requirements for standard short sale/HAFA II, Mortgage Release, and streamlined documentation Property valuation for mortgage loan modifications
- Servicer requirements relating to an appeal
- Borrower inquiries
Effective Date
Unless stated otherwise, the effective date for the changes in this Announcement is January 10, 2014.
