Fannie Mae Updates Delinquency Management and Default Prevention Procedures

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Fannie Mae Updates Delinquency Management and Default Prevention Procedures

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. With this notice, Fannie Mae is providing additional policy clarification and instruction that supersedes the initial announcement in its entirety. Investors may consult the announcement 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: September 2, 2011