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FHFA Mandates Alignment of Servicing Requirements, Updated Framework to Include Servicer Incentives and Penalties

FHFA Mandates Alignment of Servicing Requirements, Updated Framework to Include Servicer Incentives and Penalties


For Immediate Release.

Contact: Corinne Russell (202) 414-6921
Stefanie Johnson (202) 414-6376

April 28, 2011

Fannie Mae and Freddie Mac to Align Guidelines for Servicing
Delinquent Mortgages

Updated Framework to Include Servicer Incentives and Penalties

Washington, DC – Federal Housing Finance Agency Acting Director Edward J. DeMarco has directed Fannie Mae and Freddie Mac (the Enterprises) to align their guidelines for servicing delinquent mortgages they own or guarantee. The updated framework will establish uniform servicing requirements as well as monetary incentives for servicers that perform well and penalties for those that do not.

“FHFA’s directive to align Enterprise policies for servicing delinquent mortgages should result in earlier servicer engagement to identify the best solution available for homeowners, given their individual circumstances,” DeMarco said.

The updated guidelines also address the so-called “dual track” by requiring servicers to contact borrowers as soon as they become delinquent and focus solely on remediating that delinquency. The foreclosure process may not commence if the borrower and servicer are engaged in a goodfaith effort to resolve the delinquency. The servicer must conduct a formal review of each case to ensure a borrower has been considered for foreclosure alternatives before the loan is referred for foreclosure. Even after foreclosure processing begins, financial incentives are provided to encourage servicers to continue to help borrowers pursue a foreclosure alternative.

Consistent with statements recently issued by federal and state regulators, this initiative is intended to deal with identified problems in mortgage servicing. The updated framework will streamline and expedite borrower outreach, align mortgage modification terms and requirements, and establish a consistent schedule of performance-based incentive payments and penalties. Fannie Mae and Freddie Mac will each issue detailed guidelines to their servicers
in the second and third quarters of 2011.

“Once fully implemented by the servicing industry, the Enterprises’ aligned policies should give homeowners a greater understanding of the process and faster resolution by requiring earlier contact, more frequent communication, and prompt decisions,” said DeMarco. “Equally important, the newly aligned policies will minimize taxpayer losses by ensuring that Enterprise loans are serviced efficiently and fairly.”

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Link to Frequently Asked Questions

Link to Fannie Mae Notice to Servicers

Link to Freddie Mac Notice to Servicers

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.9 trillion in funding for the U.S. mortgage markets and financial institutions.

[ipaper docId=54183091 access_key=key-2dbmirj98dppb56j3vc1 height=600 width=600 /]

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Testimony of Ohio AG Mike Dewine “I urge the Committee and Congress to bring it to an end”

Testimony of Ohio AG Mike Dewine “I urge the Committee and Congress to bring it to an end”


FULL TESTIMONY
OHIO ATTORNEY GENERAL MIKE DEWINE
“An Analysis of the Post-Conservatorship Legal Expenses of
Fannie Mae and Freddie Mac”
HOUSE SUBCOMMITTEE HEARING ON
OVERSIGHT AND INVESTIGATIONS
WASHINGTON, DC
FEBRUARY 15, 2011

[ipaper docId=48911604 access_key=key-2ey08958a8h0n2fnbcp9 height=600 width=600 /]

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Testimony of FANNIE MAE President & CEO Michael J. Williams “Analysis of the Post-Conservatorship Legal Expenses of Fannie Mae and Freddie Mac”

Testimony of FANNIE MAE President & CEO Michael J. Williams “Analysis of the Post-Conservatorship Legal Expenses of Fannie Mae and Freddie Mac”


Testimony of Michael J. Williams
President and Chief Executive Officer
Fannie Mae
U.S. House of Representatives Committee on Financial Services
Subcommittee on Oversight and Investigations
“Analysis of the Post-Conservatorship Legal Expenses of Fannie Mae and Freddie Mac”
February 15, 2011

[ipaper docId=48911272 access_key=key-dda5nrua1pf2ddcuxk8 height=600 width=600 /]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Testimony of FHFA Director Edward J. DeMarco “An Analysis Post-Conservatorship Legal Expenses of Fannie Mae and Freddie Mac”

Testimony of FHFA Director Edward J. DeMarco “An Analysis Post-Conservatorship Legal Expenses of Fannie Mae and Freddie Mac”


Statement of
Edward J. DeMarco
Acting Director
Federal Housing Finance Agency
Before the
Committee on Financial Services
Subcommittee on Oversight and Investigations
U.S. House of Representatives
“An Analysis Post-Conservatorship Legal Expenses of Fannie Mae and Freddie Mac”
February 15, 2011

[ipaper docId=48905756 access_key=key-fjapa4duj49vr0270fz height=600 width=600 /]


© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Problems in Mortgage Servicing From Modification to Foreclosure, Part II

Problems in Mortgage Servicing From Modification to Foreclosure, Part II


Wednesday, December 1, 2010
09:30 AM – 01:00 PM
538 Dirksen Senate Office Building

The witnesses for Panel I will be: Ms. Phyllis Caldwell, Chief, Homeownership Preservation Office, United States Department of the Treasury; The Honorable Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation; The Honorable Daniel K. Tarullo, Governor, Board of Governors of the Federal Reserve System; Mr. John Walsh, Acting Comptroller of the Currency, Office of the Comptroller of the Currency; and Mr. Edward DeMarco, Acting Director, Federal Housing Finance Agency. The witnesses for Panel II will be: Mr. Terry Edwards, Executive Vice President, Credit Portfolio Management, Fannie Mae; Mr. Donald Bisenius, Executive Vice President, Freddie Mac; Mr. Tom Deutsch, Executive Director, American Securitization Forum; and Professor Kurt Eggert, Professor of Law, Chapman University School of Law.

Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date.

Add To My Calendar (vCal)

Witnesses

Panel 1

  • Ms. Phyllis Caldwell
    Chief, Homeownership Preservation Office
    United States Department of the Treasury
  • Honorable Sheila Bair
    Chairman
    Federal Deposit Insurance Corporation
  • Honorable Daniel K. Tarullo
    Governor
    Board of Governors of the Federal Reserve System
  • Mr. John Walsh
    Acting Comptroller of the Currency
    Office of the Comptroller of the Currency
  • Mr. Edward J. DeMarco
    Acting Director
    Federal Housing Finance Agency

Panel 2

  • Mr. Terry Edwards
    Executive Vice President
    Credit Portfolio Management, Fannie Mae
  • Mr. Donald Bisenius
    Executive Vice President
    Freddie Mac
  • Mr. Tom Deutsch
    Executive Director
    American Securitization Forum
  • Mr. Kurt Eggert
    Professor of Law
    Chapman University School of Law
© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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