Fannie Mae Servicing Notice
December 21st, 2010
Fannie Mae issued a Servicing Notice titled, Reminder of Duties Regarding Confidentiality of Fannie Mae Mortgage Files and Borrower Payment Records.
Reminder of Duties Regarding Confidentiality of Fannie Mae Mortgage Files and Borrower Payment Records
As described in the Servicing Guide, Part I, Section 308: Conflict of Interest/Confidentiality, servicers are reminded of their duty to ensure the security, integrity, and confidentiality of borrower, property and other information related to loans owned or securitized by Fannie Mae.
Servicers are further reminded of the Servicing Guide requirement (Part I, Chapter 4: Mortgage Files and Records) that they must implement appropriate measures designed to ensure the security, integrity, and confidentiality of individual mortgage files and borrower payment records and to protect against unauthorized access to or use of such mortgage files and records. These measures expressly include requiring, by contract, that any subservicers or other third parties (such as contractors) accessing the mortgage files and records also implement similar measures to ensure the security, integrity, and confidentiality of the files and records.
Measures to address these requirements include:
- maintaining a rigorous information security program, and
- including a provision in all contracts with third parties receiving data regarding mortgage loans owned or securitized by Fannie Mae that bars the third party from further disclosure and use of the data other than for the provision of services for the sole benefit of servicer.
The terms of the Servicing Guide do not permit servicers to submit such data to third party contractors for the purpose of the contractors’ aggregation and subsequent sale, license, or publication to others.
Servicers who have questions should contact their Servicing Consultant, Portfolio Manager, or the National Servicing Organization’s Servicer Support Center at 1-888-FANNIE5 (888-326-6435).
To view the online Servicing Notice, 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 800 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.