From time to time, Fannie Mae reviews its default-related procedures to evaluate their effectiveness and to identify changes that may be appropriate. Based upon the latest review, Fannie Mae is creating a new network of retained attorneys to handle all Fannie Mae foreclosure and bankruptcy matters (as well as post-foreclosure legal proceedings and activities). The new network will initially include 31 jurisdictions, with the expectation that additional jurisdictions will be added over time. The new network will foster a more disciplined, end-to-end approach to default management; facilitate more effective management of fees, costs, quality, and reporting to Fannie Mae; and facilitate enhanced loss mitigation efforts by network attorneys. To achieve these objectives, Fannie Mae will now require that servicers refer foreclosures and bankruptcy cases only to attorneys included in our network (in applicable jurisdictions). Fannie Mae is also updating the provisions of the Servicing Guide governing foreclosure and bankruptcy attorneys’ fees.

To view the Announcement in its entirety, including Servicer duties and responsibilities, 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 500 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.