Fannie Mae Introduces New Servicing Fee Calculation Rules for Modified Loans

Fannie Mae has released their revised servicing guide which stipulates “that all modified loans closed in Fannie’s HomeSave Solutions Network on or after June 18 will be subject to a new servicing fee structure in which the cost will either be the fee the servicer received before the loan modification or 0.25%.”

Of special note, Fannie is reminding servicers that a mortgage loan registered to Mortgage Electronic Registration Systems (MERS) “must not name MERS as the loss payee on property insurance policies.”

In correlation with the changes to their servicing guide, Fannie has also made changes to foreclosure time frames, the imposition of compensatory fees, and the rules on delinquency management and default preventionhttp://bit.ly/kaZi3b

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