FNMA Servicing Notice Approving Mortgage Loan Modifications; HSSN
On November 22, Fannie Mae released a Servicing Notice subtitled Approving Mortgage Loan Modifications and Entering Cases into HomeSaver Solutions™ Network.
Approving Mortgage Loan Modifications and Entering Cases into HomeSaver Solutions™ Network
Servicers currently have the authority to approve and offer Fannie Mae modifications, as indicated in the Servicing Guide, Part VII, Section 602: Mortgage Loan Modifications and Section 609: Home Affordable Modification Program (HAMP), if all eligibility requirements and modification terms were met for the mortgage loan modification programs. Fannie Mae is reminding servicers of their authority to approve eligible mortgage loan modifications for the Fannie Mae Standard Modification and the Fannie Mae HAMP Modification.
Fannie Mae is also reminding servicers to submit to Fannie Mae all servicer-approved mortgage loan modifications in HomeSaver Solutions Network (HSSN) as “closed.” Servicers must not submit mortgage loan modification cases to Fannie Mae for review and approval if the mortgage loan meets all the eligibility and modification terms for the mortgage loan modification programs. Only mortgage loans not meeting the mortgage loan modification eligibility and term requirements indicated in the Servicing Guide must be submitted to Fannie Mae using HSSN for review and approval.
Servicers must indicate the correct Campaign ID for the appropriate mortgage loan modification program under which the case is submitted. The drop-down menu of all available Campaign IDs is located on the Create Case screen of HSSN. HSSN will return an error message if a conventional loan is submitted for a mortgage loan modification without a valid Campaign ID. Instructions regarding HSSN Campaign IDs as well as creating and submitting a closed loan modification case are available on Fannie Mae’s website.
Please click here to view the online notice.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.