MBS RECAP: Quiet Start to Week

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3:18PM  : 
Fannie to Impose Fees for Long Foreclosure Timelines
On April 28, 2011, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to establish consistent mortgage loan servicing and delinquency management requirements. Consistent with the directive, Fannie Mae is updating the maximum number of allowable days in which routine foreclosure proceedings are to be completed in each jurisdiction. If the servicer fails to complete a foreclosure action within the prescribed time frame, Fannie Mae will impose a compensatory fee. Compensatory fees will be applied based on the unpaid principal balance of the mortgage loan, the applicable pass-through rate, the length of the delay, and any additional costs that are directly attributable to the delay. Compensatory fees will not be assessed if a servicer’s aggregate amount of monthly compensatory fees is $1,000 or less. Servicers should contact their Servicing Consultant, Portfolio Manager, Investor Reporting Business Analyst, or Fannie Mae’s National Servicing Organization’s Servicer Support Center at 1-888-FANNIE5 (888-326-6435) with any questions regarding this Announcement. FULL ANNOUNCEMENT:

11:17AM  : 
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Article source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/214623.aspx

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