Servicers Can Modify Current Loans, Fannie Mae Says

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If Fannie Mae or Freddie Mac own your loan, you might qualify for a Flex Modification, which is a special loan modification program. Under this program, the loan servicer takes a series of steps, which may include lowering the interest rate and/or extending the term of the loan, to lower your monthly payments.

New loan search function – servicers can now search by Fannie Mae or a. Borrower requests MI be terminated based on the original or a current value. Ask a question in sentence form, e.g., “Is an escrow account required for a loan modification?. Lowers cost and effort submitting claims by eliminating documentation.

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Mortgage loan servicing became a separate industry as Fannie Mae and Freddie Mac bought more loans. While they buy the majority of mortgages in the U.S., neither organization services loans. Function

This policy change achieves consistency in the treatment of Fannie Mae loans with the treatment of non-government-sponsored enterprise loans under the Treasury Department’s Supplemental Directive.

"Lenders can continue to decide what type of documentation is appropriate and what can be retained as part of the loan file to show that a borrower is legally present," said Fannie Mae, adding that "subsequent changes to the law and its application may cause us to reevaluate our policy on this matter prospectively."

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Self-service tools providing servicers with accurate, near real-time, loan-level data and data exceptions. 90+ key investor reporting loan data elements and detailed calculations. New loan search function – servicers can now search by Fannie Mae or a servicer’s loan number.

Loans held by Fannie Mae or Freddie Mac may be eligible for refinancing. Other loan servicers may also participate in this program. Fannie Mae servicers March 1, 2017. Borrower executed and returned the Flex Loan Modification Agreement Servicer or Fannie Mae/Freddie Mac (depending upon the entity that is the mortgagee of. o unless otherwise.

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