FHFA-OIG: Fannie servicers fall short in collecting required short sales data

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Among the available foreclosure prevention tools, short sales are becoming the weapon of choice for servicers while the use of loan modifications has slowed, data from Fitch Ratings revealed.

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Accordingly, a small servicer as defined pursuant to 12 CFR 1026.41(e)(4), that is, a servicer that services 5,000 mortgage loans or less and only services mortgage loans that the servicer or an affiliate owns or originated, is exempt from the requirements of 1024.38 through 41, with two exceptions.

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Indicate by check mark if the registrant is not required to file reports.. sales of foreclosed homes and preforeclosure, or “short,” sales. The report provides that the Administration will work with FHFA to determine the best way to.. Our mortgage servicers typically collect and deliver principal and.

On November 20, the FHFA Office of Inspector General (OIG) issued a report critical of Fannie Mae’s oversight of its short sale process and the servicers who participate in that process. The OIG determined-based on a review of 41 short sale transactions handled by multiple Fannie Mae servicers-that five servicers were not always collecting all of the required documentation before making borrower eligibility determinations or seeking Fannie Mae approval.

The FHFA’s Office of Inspector General (OIG) revealed in a report Wednesday that Fannie Mae and Freddie Mac have a recovery rate of only 0.22 percent when pursuing deficiencies, leaving room for much improvement.

Since 2009, we have helped approximately 1,073,000 borrowers experiencing hardship to complete a loan workout under these programs. When a home retention solution is not practicable, we require our servicers to pursue foreclosure alternatives, such as short sales, before initiating foreclosure.

Fannie Mae must approve short sales on loans it owns or guarantees because it will absorb any resulting loss but it relies on its servicers to collect financial information from borrowers and to.

Report Finds Fault with Freddie Mac, FHFA Handling of servicer complaint process. servicers are required to report the resolution of escalated cases, using 13 resolution categories that include bankruptcy, initiation of some type of modification, or a final resolution such as a short sale, completed foreclosure, or loan payoff.

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