Fannie Mae Announcement SVC 2010 06
April 30th, 2010
Fannie Mae issued an Announcement titled, April 2010 Servicing Guide Update: Part VII, Delinquency Management and Default Prevention; and Part VIII, Foreclosures, Conveyances and Claims, and Acquired Properties.
Fannie Mae is announcing the release of two updated Parts of its Servicing Guide. Part VII discusses servicing functions that pertain to the management of delinquent mortgage loans and mortgage loans where default is considered reasonably foreseeable. Part VIII addresses Fannie Mae’s foreclosure procedural requirements, requirements for conveying properties and filing claims, and the servicer’s general administrative duties for managing and disposing of acquired properties. This update includes the incorporation of previously issued announcements that have impacted Parts VII and VIII (see the attachment to this Announcement). In addition, Fannie Mae is adding new or updating a number of existing policies and procedures, which are briefly summarized in the table appearing below.
The mandatory effective date of the new policies and procedures is generally January 1, 2011, although servicers are encouraged to implement them as soon as possible.
To view the online Announcement, please click here
About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 700 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.