Fannie Mae SVC-2012-09
On May 23, Fannie Mae released Servicing News: Announcement SVC-2012-09: Update to Temporary Repurchase Accommodation.
Announcement SVC-2012-09: Update to Temporary Repurchase Accommodation
In recognition of current market conditions, Fannie Mae temporarily extended the repurchase and make-whole requirement to 90 days until June 30, 2012 in Announcement SVC-2011-12, Mortgage Insurance Coverage and Confirmation of Repurchase Policies and Remedies for Warranty Violations. This temporary accommodation provided lenders with a timeline of 90 days in order to complete repurchase or submit all documentation needed to substantiate a formal appeal. This Announcement extends Fannie Mae's temporary repurchase accommodation to Dec. 31, 2012.
Servicing Notice: Effective Date for Lender-Placed Property Insurance Requirements
In Announcement SVC-2012-04, Updates to Lender-Placed Property Insurance and Hazard Insurance Claims Processing, Fannie Mae set an effective date for implementation of the new requirements as no later than June 1, 2012. Read the Notice, which notes that this effective implementation date has been posted until further notice. In the near future, Fannie Mae will issue an updated announcement with a new effective date and provide additional guidance on lender-placed property insurance requirements.
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 nearly 1,000 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.