More Bad Servicer Practices Coming?

07/05/2011 9:17 PM | Anonymous

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.

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