AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Fannie Preparing New Guidelines to Discourage Abuse.
Fannie Mae is preparing to issue new servicing guidelines in a few weeks to clarify its policies and make sure its servicers don't engage in abusive practices.
The new guidelines will be "closely aligned" with the provisions of the Fairbanks Capital Corp. settlement agreement, according to Fannie Mae deputy general counsel Jon Seward. The guidelines will apply to all loans, not just B&C credit quality loans.
In November, the Salt Lake City subprime servicer agreed to implement new policies and procedures as part of a $40 million settlement with the Federal Trade Commission.
The FTC had filed a complaint against Fairbanks alleging the company systematically failed to post monthly mortgage payments promptly, charged inappropriate late fees, prematurely referred accounts to collections and failed to respond to or resolve consumer complaints.
The FTC-crafted settlement provisions are generally considered to be a model for "best practices" that other servicers should adopt.
The Fannie servicing guidelines will address loss mitigation, customer service, fees and charges, posting of payments, escrows, force-placed insurance and credit reporting, Mr. Seward told a National Community Reinvestment Coalition meeting.
He noted that a number of servicers have told ...
- Fannie Takes Aim at Predatory Lending.(Fannie Mae)(Brief Article)
- Magazine article from: National Mortgage News BAILEY, DAWN April 17, 2000 700+ words
...borrowers who need them the most." Fannie Mae wants lenders to have their own...better mortgage terms. Under Fannie Mae's new guidelines, the secondary market agency...has a negotiated contract with Fannie Mae. Freddie Mac recently released...
- Manufactured Housing Seminar Addresses New Mortgage Requirements For Fannie Mae...
- Press release article from: PR Newswire August 25, 2003 700+ words
...to be eligible for purchase by Fannie Mae. Freddie Mac is also expected...observation and reporting procedures. Fannie Mae's new guidelines call for lenders to take appropriate...seminar, which thoroughly covers Fannie Mae's new 1004C form, will help...
- FANNIE MAE LENDERS TO PROVIDE IMMEDIATE MORTGAGE RELIEF FOR HOMEOWNERS AFFECTED...
- Press release article from: PR Newswire January 2, 1996 700+ words
...WASHINGTON, Jan. 2 /PRNewswire/ -- Fannie Mae (NYSE: FNM), the nation's largest...800-7FANNIE for more information on Fannie Mae's temporary new guidelines. Starting today, Fannie Mae will notify its over 2,000 seller...
- FANNIE MAE ANNOUNCES NONTRADITIONAL CREDIT INITIATIVE; APPLIES TO MILLIONS OF...
- Press release article from: PR Newswire July 19, 1995 700+ words
...credit reports. Fannie Mae, in cooperation...credit report. The new guidelines are used to build...initiative demonstrates Fannie Mae's ongoing commitment...formulation of the new guidelines. Fannie Mae then designed the...
- Fannie Mae Chairman Announces New Loan Guidelines to Combat Predatory Lending...
- Press release article from: Business Wire April 11, 2000 700+ words
...said Raines. At a meeting of Fannie Mae's Housing Impact Advisory Council...that harm the borrower." "Fannie Mae wants to make sure that the mortgages...The following is a summary of new guidelines that Fannie Mae is announcing through a letter...
- Fannie Mae Ceases Buying of B&C Loans with Mandatory Arbitration Clauses.
- Magazine article from: National Mortgage News Harmon, Jennifer February 9, 2004 700+ words
...limited success. The Fannie Mae commitment is like having...applauds the move by Fannie Mae, the Mortgage Bankers...expressed concern that new guidelines further add to the confusion...markets. "We commend Fannie Mae for its efforts," said...
- Special Supplement: Housing Finance - Argentina Looks To Fannie Mae Model -...
- Magazine article from: The Banker MITCHELL, JASON January 1, 2007 700+ words
...essential to fill the gap. Fannie Mae (Federal National Mortgage...for an equivalent of Fannie Mae, an entity that specialises...mortgages. He expects a Fannie Mae-like institution to...bank issued lenders with new guidelines allowing them to provide...
- Fannie Mae Loosening Its Restrictions on MH.
- News wire article from: Mortgage Line Collins, Brian January 21, 2005 700+ words
Several restrictions on Fannie Mae's manufactured housing loan program...downpayments as low as 5%, according to Fannie Mae Announcement 04-07. Currently...value ratios again. "This brings Fannie Mae in line with Freddie Mac which also...
- Fannie Mae Loosening Its Restrictions on MH.(manufactured housing)
- Magazine article from: Origination News Collins, Brian December 1, 2004 700+ words
Several restrictions on Fannie Mae's manufactured housing loan program...downpayments as low as 5%, according to Fannie Mae Announcement 04-07. Currently...value ratios again. "This brings Fannie Mae in line with Freddie Mac which also...
- Lenders One Member Sells First Home Affordable Refinance Loan to Fannie Mae.
- Press release article from: Business Wire May 5, 2009 700+ words
...Plus[TM] loan to Fannie Mae. Iowa-based Dubuque...lower cost, as the new guidelines broaden the scope of...process of existing Fannie Mae-funded mortgage loans...To achieve this, Fannie Mae has loosened refinance...
Source: HighBeam Research, Fannie Preparing New Guidelines to Discourage Abuse.