Fannie servicing liquidating plan
Similarly, the Mortgage Bankers Association has published guidelines for a mortgage modification program – One Mod – which essentially follows the same rules and guidelines as the Flex Modification.
For details, please see Fannie Mae Lender Letter LL-2016-06 and One Mod.
Required changes to the mortgage loan modification agreement if the second lien mortgage loan was registered with MERS, and MERS was named as the original mortgagee of record (as nominee for the lender) Insert a new definition under the ”Property Address” definition on page 1, which reads as follows: ”MERS” is Mortgage Electronic Registration Systems, Inc. Develop and execute a quality assurance program, similar to that established for Fannie Mae HAMP, which includes either a statistically based (with a 95% confidence level) or a 10% stratified sample of loans modified.
MERS is a separate corporation that is acting solely as a nominee for lender and lender’s successors and assigns. MERS is organized and existing under the laws of Delaware, and has an address and telephone number of P. The sample must be drawn within 30 to 45 days of mortgage loan modification, and reported on within 30 to 45 days of review.
Ultimately, a borrower’s ability to qualify for a mortgage modification under any program will depend on each borrower’s application and the mortgage servicer’s review.
For all comparisons with the “Chapter 13” payment, we assume that the borrower has filed a Chapter 13 bankruptcy and is paying all pre-petition mortgage arrears over the term of a 60-month bankruptcy plan. simply attempts to give the borrower a sense of the type of modified mortgage payment that borrower may be eligible for. is a tool designed to estimate the potential new mortgage payment a borrower may be able to obtain if they qualify for a mortgage modification under Fannie Mae’s and Freddie Mac’s Flex Modification or similar program.
is based on the Flex Modification program jointly developed by Fannie Mae and Freddie Mac at the direction of the Federal Housing Finance Agency.
If the original second lien mortgage loan was registered with MERS and the originator elected to name MERS as the original mortgagee of record, solely as nominee for the lender named in the security instrument and the note, the servicer must make the changes listed in the following table to the mortgage loan modification agreement. I: That MERS holds only legal title to the interests granted by the borrower in the mortgage, but, if necessary to comply with law or custom, MERS (as nominee for lender and lender’s successors and assigns) has the right: to exercise any or all of those interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required of lender including, but not limited to, releasing and canceling the mortgage loan.
For all mortgage loans that are greater than 30 days delinquent, the servicer must advise Fannie Mae of the action it plans to take or has taken until the mortgage loan becomes current (or liquidated) by reporting The data submitted must be accurate, complete, timely, and must agree with the servicer’s records.
Fannie Mae relies on accurate reporting by a servicer to track compliance with timing requirements and restrictions.
See Related Links on this page for additional information on US Treasury programs.
Most states involved in HHF have developed programs that may be administered by their respective Housing Finance Agency (HFA) to help borrowers with home retention or disposition alternatives to foreclosure.