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Servicers Can Skip M.I. Approval on Some Default Activities

Fannie announces delegated authority

June 6, 2012

By MortgageDaily.com staff


Mortgage servicers approved by the Federal National Mortgage Association no longer have to seek mortgage insurance company approval for certain default servicing activities. While the latest delegation of authority was granted by one mortgage insurer, other mortgage insurance companies are already on board with varying levels of delegation.

The delegation applies to pre-foreclosure sales and deeds in lieu of foreclosure.

The servicers can utilize Fannie Mae's guidelines without obtaining M.I. approval.

In a notice released Wednesday, the secondary lender said that United Guaranty Corp. has granted blanket delegation of authority on behalf of all of its servicers.

The blanket delegation replaces the limited delegation listed on Fannie's website.

"Even though these blanket delegations allow servicers to process pre-foreclosure sales or deeds-in-lieu of foreclosure without obtaining separate mortgage insurer approval, servicers must still ensure that such pre-foreclosure sales and deeds-in-lieu do not impair any existing mortgage insurance coverage and adhere to all other requirements of the applicable master policy," the notice stated.

The changes impact contracts received by the servicer as of June 1.

Fannie already obtained delegated authority from Essent Guaranty, Genworth, MGIC, Republic Mortgage Insurance Co., Radian Guaranty and PMI for pre-foreclosure sales and deeds in lieu of foreclosure.

Fannie has also previously obtained delegation for its modifications from Genworth, MassHousing, MGIC, Radian, Republic, Triad and United Guaranty. PMI already has provided delegation to Fannie's modifications as represented in Announcement SVC-2011-03 under its delegated servicer program.

On only Fannie loans, authority has been delegated for Home Affordable Foreclosure Alternatives transactions by CMG, Genworth, MassHousing, MGIC, PMI, Radian, Republic, Triad and United Guaranty.

CMG, Genworth, MassHousing, MGIC, PMI, Radian, Republic, Triad and United Guaranty have delegated authority on Home Affordable Modification Program transaction for just Fannie's loans.

Authority was delegated on Fannie loans by MGIC, Radian and United Guaranty for 2MP transactions.

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