November 23, 2016

Principal Reduction Modification retirement

Servicers are reminded that, for the servicer to offer a Fannie Mae Principal Reduction Modification Trial Period Plan, the servicer must send the Fannie Mae Principal Reduction Modification Solicitation Letter on or before December 31.

In addition, servicers are also reminded that, borrowers referenced in Handling an Active Trial Period Plan are eligible to have the UPB reduced in an amount equal to the deferred principal balance. The servicer must send the Fannie Mae Principal Reduction Modification Opt-Out Letter on or before December 31.

Eviction lockout moratorium announced

Fannie Mae recently advised our eviction attorneys of an eviction lockout moratorium from Monday, December 19, 2016, through Monday, January 2, 2017. This guidance only applies to Fannie Mae eviction matters. We are not prohibiting servicers from issuing holiday moratorium guidance related to foreclosure sales on Fannie Mae loans. However, servicers remain responsible for completing a foreclosure action within the time frame prescribed by Fannie Mae.

You may also be interested in...sn11-22-16

Kansas City tiny homes being built by vets for vets
A group of vets acted when they saw a gap in housing and services for fellow servicemen. Read more.
Photo, from left:Veterans Community Project co-founders Mark Solomon, Chris Stout, and Kevin Jamison. Not pictured: Bryan Meyer and Brandonn Mixon.

Lenders and borrowers encouraged to give HARP a try during extension
Fannie Mae is encouraging lenders to get the word out on the benefit of refinancing - including those homeowners with resetting modified loans. Read more.

Big changes to investor reporting are right around the corner
Servicers must update their business processes and technology. Read more.

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