Fannie Implementation of New Delinquency Management Rules

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Delinquency Management Delinquency management is everyone’s responsibility Implementing best practices is key to a successful program Improved delinquency management results in higher rebates and improved program integrity Citi is dedicated to making this process work for you! Remember.

Fannie Pushes Implementation of New Delinquency Management Rules July 25, 2011 Fannie Mae has issued a notice to servicers alerting them of a change in the effective date for new delinquency.

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Among the new mortgage rules is the Ability-to-Repay rule. The rule protects consumers from irresponsible mortgage lending by requiring that lenders make a reasonable, good faith determination that prospective borrowers have the ability to repay their mortgage.

Fannie Mae says the new delinquency management and default prevention requirements are designed to streamline and simplify servicing processes and help servicers become more effective in communicating with distressed borrowers when it comes to loss mitigation.

Clarity on Upcoming TILA & RESPA Servicing Rules When the initial Mortgage Servicing rules were issued in 2013 as part of the Dodd-Frank Act, there were several provisions that lacked clear guidance on how servicers should deal with borrowers in bankruptcy, loss mitigation, force-placed insurance and successors in interest.

On October 11, Fannie Mae issued Servicing Guide Announcement SVC-2013-20 and Freddie Mac issued Bulletin 2013-21 to update their delinquency management and default prevention servicing requirements in response to the CFPB’s new mortgage servicing rules.

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.

Fannie Mae – 30 – Day Late Payments: We have an approve/eligible on a loan with more than two, 30-day lates on a HELOC, but the underwriter still says they cannot be approved.