Servicing News: June 10 Edition

 

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Servicing News

On eFannieMae.com: Servicing & Delinquency Management | Learning Center | Servicing Guide

LATEST NEWS
Servicing Guide Announcement SVC-2011-10: June 2011 Servicing Guide Update
Fannie Mae's Servicing Guide has been updated to include the incorporation of previously issued announcements from 2006 through August 31, 2010. In addition, Part I, Lender Relationships, has been reorganized, and several sections of this Part were updated to mirror the Selling Guide language. Further, selected exhibits were removed from the Servicing Guide and have been posted on eFannieMae.com. Although certain processes have been updated to match Fannie Mae's current practices, this update does not contain changes to current policies that have not been previously announced.

Servicing Notice: Hawaii Legislative Changes Affecting Non-Judicial Foreclosures
Recently, the Hawaii legislature passed a new law that affects non-judicial foreclosures in that state. As a result, servicers must commence all new Fannie Mae foreclosures as judicial foreclosures. All pending Fannie Mae non-judicial foreclosures in Hawaii that have not proceeded to sale should be dismissed and converted to judicial foreclosures. 
SERVICING & INVESTOR REPORTING
MassHousing added to MI blanket delegation list for Fannie Mae modification
MassHousing Mortgage Insurance Fund joins the list of mortgage insurers providing blanket delegations of authority for processing Fannie Mae Modifications. Blanket delegations allow servicers to process Fannie Mae Modifications without obtaining separate mortgage insurer approval. Servicers must still ensure that such modifications do not impair existing mortgage insurance coverage and adhere to all other requirements of the applicable master policy. For more information, contact your Portfolio Manager.

June 10, 2011

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Thanks!
Curtis D. Harris, BS, CGREA, REB
Bachelor of Science in Real Estate, CSULA
State Certified General Appraiser
Real Estate Broker
ASTM E-2018 Commercial Real Estate Inspector
HUD 203k Consultant
HUD/FHA Real Estate Appraiser/Reviewer
FannieMae REO Consultant
CTAC LEED Certification

The Harris Company, Forensic Appraisers and Real Estate Consultants
*PIRS/Harris Company and the Science of Real Estate-Partners*
1910 East Mariposa Avenue, Suite 115
El Segundo, CA. 90245
310-337-1973 Office
310-251-3959 Cell
WebSite: http://www.harriscompanyrec.com
Resume: http://www.harriscompanyrec.com/rESUME2011.pdf
Commercial Appraiser Blog: http://harriscompanyrec.com/blog/
IT'S THE LAW-Designation Discrimination is Illegal [FIRREA, Sec. 564.6]: Professional Association Membership http://www.orea.ca.gov/html/fed_regs.shtml#Statement7 Membership in an appraisal organization: A State Certified General Appraiser may not be excluded from consideration for an assignment for a federally related transaction by virtue of membership or lack of membership in any particular appraisal organization, including the appraisal institute.

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