We’re Simplifying Servicing™ with updated pre-foreclosure processes, such as a clarified Pre-foreclosure Property Preservation Guide and an innovative mobile inspection platform, and by providing relief from the financial and process burdens associated with payments of post-foreclosure HOA fees and taxes.
Simplified pre-foreclosure processes for servicers come in a clarified pre-foreclosure Property Preservation Guide and an innovative mobile inspection platform.
Property Preservation Guide
- Provides a detailed view on preservation of vacant and seriously delinquent pre-foreclosure loans and aligns pre-foreclosure preservation practices to Fannie Mae REO guidelines where applicable and possible.
- Extended expense allowables will empower servicers to preserve and maintain collateral as needed without having to come to Fannie Mae to request prior approval.
Mobile Inspection Platform for QC
- This mobile technology provides additional oversight of preservation on vacant and seriously delinquent loans and shares it with Servicers.
- Through analysis of the results and in partnership with servicers, new products, services, allowables, and practices will be created to improve the overall preservation model.
We’re implementing programs and enhancing policies to provide relief from pre- and post-foreclosure process burdens.
HOA Negotiation and Payment
Fannie Mae will assume responsibility for HOA negotiations and payments of all new REO properties as of April 1, 2017 foreclosure dates.
- Program began in 2013 in Florida and expanded to Illinois and Nevada in 2016.
- Full nationwide expansion for all servicers in April 2017.
The goal of the program is to reduce the required actions of servicers in REO, create a consistent approach to HOA management and reduce costs and timelines.
- Current Vendors: Chronos, Goodman Dean, Precedent and Stewart with an open RFP for additional vendors.
Fannie Mae will assume responsibility for tax payments of all new REO properties as of July 1, 2017 foreclosure dates.
- The Fannie Mae tax program initiated Q3 2016 in Florida for all servicers.
The goals of the program are to reduce the required actions of servicers in REO and create a consistent approach to tax management with some potential to reduce costs and timelines.
- Current Vendors: Goodman Dean and Precedent with an open RFP for additional vendors.
*Reverse mortgages will be added to both programs in late 2017