Fannie Mae will retroactively charge mortgage servicers for failing to process severely aged loans.
The government-sponsored enterprise sent an alert to servicers in the first quarter of 2011, saying it would issue fees going forward. But last week, under guidance from its regulator the Federal Housing Finance Agency, Fannie alerted servicers it would levy fines for actions taken – or in this case not taken – in 2010.
A Fannie Mae spokesperson said the GSE is not disclosing which servicers will receive the invoices or the amount of fees Fannie will recoup.
According to Fannie Mae guidelines, the fees will be based on the outstanding principal balance of the mortgage loan, the applicable pass-through rate, the length of the delay and any additional costs.
1 comment:
Informative post. Schaedler Insurance is a local Northern California insurance agency specializing in home insurance.
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