Fannie Mae Issues Servicing Standards for Delinquent Mortgages

RISMedia, June 9, 2011—Fannie Mae recently issued new standards for mortgage servicers regarding the management of delinquent loans, default prevention and foreclosure time frames under the Federal Housing Finance Agency’s Servicing Alignment Initiative. The new standards, reinforced by new incentives and compensatory fees, require servicers to take a more consistent approach for homeowner communications, loan modifications and other workouts, and, when necessary, foreclosures.  Read more..