On June 6, Fannie Mae published updated procedures that loan servicers must follow when working to resolve delinquent single-family mortgage loans. The updated procedures are designed to clarify and enhance the level of effort servicers must utilize to contact borrowers during the various stages of delinquency and increase the transparency and accountability of servicers and borrowers in the foreclosure prevention process. Under the initial announcement, servicers were required to implement the revised requirements no later than September 1, 2011. With this Notice, Fannie Mae is changing the effective date by which servicers must implement the requirements to October 1, 2011. Investors may consult the Notice for specific details pertaining to this update.
Investors may also contact our Fixed-Income Securities Helpline at 1-800-BEST MBS (1-800-237-8627) if they have additional questions.
Originally Published: July 20, 2011