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| Distressed Loan Updates
Recent policy updates on foreclosures, distressed loans and modifications
July 2, 2012
By MortgageDaily.com staff
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Bank regulators and the Federal National Mortgage Association have recently provided updated information for foreclosed loans, distressed loans and loan modifications.
An interim report from the Office of the Comptroller of the Currency indicated that independent foreclosure reviews required under the April 2011 consent orders have turned up 338,447 files that were slated for review as of May 31. At issue are potential deficient mortgage servicing and foreclosure processes on loans that were foreclosed in 2009 and 2010. The total includes 193,630 requests from borrowers and 144,817 files selected by the consultants.
Through May 24, the OCC said servicers have completed 93 percent of the corrective actions required under the consent orders.
The deadline for eligible borrowers to request a free review was extended until Sept. 30, a joint statement last month from the OCC and the Federal Reserve Bank said.
Fannie Mae advised its approved servicers on June 20 that Form 3179, Loan Modification Agreement, was updated to include a line for the date of the lender's signature. The new form is mandatory on Sept. 1, and servicers must include the date of the signature on the old form until then.
Back in April, Fannie issued Servicing Guide Lender Letter LL-2012-04 indicating that servicers are required to submit expense reimbursement requests within 10 business days of being paid using the cash disbursement request Form 571 and the updated expense designations for all expenses related to Chicago's Vacant Property Ordinance if the expenses are not otherwise required by the servicing guide. But Fannie said it won't reimburse servicers for any penalties, fines, expenses, or interest assessed by the City of Chicago for failure to comply with the ordinance.
Fannie's servicers are required as of this month to implement new requirements outlined in Servicing Guide Announcement SVC-2012-05 for homeowners association dues and condominium assessments on loans held in the secondary lender's investment portfolio. |
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Financial Regulation News | Mortgage Regulations
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.
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