Fannie Mae, CFPB in Sync on Servicer Rules

Posted To: MND NewsWire

A recent article for Fannie Mae’s Housing Industry Forum makes the point that when it comes to the new servicing rules which go into effect today, Fannie and the Consumer Financial Protection Bureau (CFPB) are on the same page. The new rules were promulgated and will be enforced by CFPB and Jeff Bounds, writing for Fannie Mae, says it can’t give servicers advice on how to comply with them. However, the company’s own servicing standards are being updated to more or less mirror those of CFPB. In June 2011, even before CFPB was up and running, Fannie Mae and Freddie Mac (the GSEs) issued new standards for their own servicers. These standards specifically dealt with servicing the GSEs’ delinquent loans, managing them, helping to prevent defaults, and setting timeframes for handling foreclosures…(read more)

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