Mortgage Lenders News

Fannie Implementation of New Delinquency Management Rules

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By Anna DeSimoneDecember 15, 2015 Fannie Mae issued Ann. SEL-2015-13. The Selling Guide has been updated to include changes to the following: Loans with Age-Related Resale Restrictions Manufactured Housing and RD-Guaranteed Section 502 Mortgage Loans Lender Quality Control Updates Pledge of Servicing Custody of eMortgages Early Delinquency Counseling Posting of Buyup/Buydown Grids.

These rules establish new, strong protections for all homeowners. Other new rules address appraisals, escrow accounts, protections for high-cost mortgages, and compensation and qualifications for loan originators. In an effort to support rule implementation and ensure industry is ready for the new borrower protections, the CFPB will:

“The short-sale brokers know us — they know we’re not cupcakes,” Axon, 60, chairman of Jersey City, New Jersey-based mortgage-servicer Franklin Credit Management Corp., said. For loans guaranteed.

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Definition of Delinquency "Delinquency" begins on the date a payment sufficient to cover principal, interest and (as applicable) escrow becomes due and unpaid (regardless of any late fee grace period). Important for calculation of 120-day foreclosure waiting period. New definition matches fannie mae/freddie Mac note standards.

Definition of Delinquency The 2016 Mortgage Servicing Rule defines “delinquency” to mean a period of time during which a borrower and a borrower’s mortgage loan obligation are delinquent. It provides that a borrower and a borrower’s mortgage loan obligation are delinquent beginning on the date a periodic

delinquency.) Refer all mortgages secured by primary residences to foreclosure after the expiration of the breach letter, but no earlier than the 121st day of delinquency unless applicable law permits earlier referral or one of the exceptions applies: There is an approved payment arrangement or an alternative to foreclosure.

Refinancing entails replacing your loan with a new mortgage, whereas a loan. Hall says homeowners typically either must be delinquent for about 60 days, Fannie Mae and Freddie Mac have a foreclosure-prevention program, called the. The loan modification application process varies from lender to lender; some.

by: Anna DeSimoneOn April 10, 2013 Fannie Mae issued Servicing Announcement SVC-2013-08, Delinquency Status Reporting and Hierarchy. This Announcement provides new and updated policy requirements for the following: Introduction of a Delinquency Status Code Hierarchy, and Updates to Delinquency Status Code Definitions Effective Date: Servicers are encouraged to implement the new policies in.

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