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| More monthly data will be required from servicers that do business with Fannie Mae. In addition, the secondary lender is also looking at its servicers’ disaster recovery plans.Servicers will be required to report 30-day delinquency as of the May 2009 reporting month, according to servicing guide announcement 09-03 issued yesterday. Reporting needs to include the date the loan went delinquent as well as the reason it defaulted.
The expanded reports will reflect loans that were at least 30 days past due as of the end of the prior month. Other required reporting includes scheduled completion dates for forbearances and repayment plans. This is required by the July 2009 reporting month — though Fannie said it welcomes earlier implementation. The Washington, D.C.-based company said servicers will automatically be reimbursed for delinquency advances of principal and interest and reimbursement of the unpaid principal balance of special servicing mortgages acquired through foreclosure. Fannie is now requiring that servicers submit business continuity plans that ensure they are able to resume operations if a disaster or some other unforeseen event occurs. The plan must also address the affiliates and third-party vendors of the servicer. The government sponsored enterprise indicated that the closing of a pre-foreclosure cannot be subject to the reduction of a real estate commission to the level negotiated by the borrower unless the fee exceeds 6 percent. |
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