FNMA Updates to Allowable Foreclosure Time Frames
On October 11, Fannie Mae issued a notice regarding its September 18 release, Updates to Allowable Foreclosure Time Frames, stating the exhibit has been reposted to correct an error.
Link to notice
On September 18, Fannie Mae released a Servicing Notice titled Updates to Allowable Foreclosure Time Frames.
Updates to Allowable Foreclosure Time Frames
Fannie Mae has established time frames within which it expects routine foreclosure proceedings to be completed. As noted in the Servicing Guide, Part VIII, Section 106.08: Allowable Time Frames for Completing Foreclosure, Fannie Mae reviews the foreclosure time frames periodically and may adjust the time frames based on current market conditions.
With this Notice, Fannie Mae is adjusting the maximum number of allowable days for routine foreclosure proceedings for three states (Nevada, Washington, and New Mexico), effective for foreclosure sales on or after September 1, 2013. The new foreclosure time frames are indicated in the Foreclosure Time Frames and Compensatory Fee Allowable Delays Exhibit, posted on Fannie Mae’s website.
Servicers are reminded Fannie Mae may select compensatory fees as the appropriate remedy for delays in connection with a completed foreclosure.
To view the online notice, please click here.
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.