The amount of incentives paid to mortgages servicers for repayment plans is being increased by Fannie Mae, while payments for short sales and mortgage releases are also being adjusted.
The incentive fee for every new and existing repayment plan that meets the secondary lender’s criteria and successfully brings a loan current is being increased to $500.
The higher fee is effective for loans brought current on or after March 1, according to the Washington, D.C.-based company.
The new incentives were outlined in Servicing Guide Announcement SVC-2014-03.
In addition, Fannie is adjusting servicer incentives on short sales and mortgage releases closed in its HomeSaver Solutions Network based on the number of days the loan is delinquent as of closing.
For loans that are delinquent no more than 210 days, the incentive will be $2,500.
Mortgages that are past due at least 211 days but no more than 300 days late will earn servicers $1,500 for closings.
A $750 incentive will be paid on loans that are more than 300 days delinquent.
The updated incentives apply to short sales and mortgage releases closed on or after March 1.
