Skip to main content

Fannie Mae Issues Notice Servicers on MI Agreements

NationalMortgageProfessional.com
Apr 18, 2011

Fannie Mae has issued an announcement in which it informs mortgage servicers to halt a practice that could help them avoid repurchasing flawed home loans. Announcement SVC-2011-04, issued April 15th, prohibits its mortgage servicers from from entering into any agreement that modifies the terms of an approved mortgage insurance master policy on loans delivered to Fannie Mae. According to the announcement, prohibited agreements include, but are not limited to, agreements that directly or indirectly: ►Modify master policy provisions for settling of claims; ►Limit the right of a mortgage insurer to conduct file reviews or investigate claims; ►Limit the right of a mortgage insurer to rescind coverage; ►Rescind or modify coverage; or ►Restrict notice to Fannie Mae of changes in coverage status. Fannie Mae requires that servicers disclose any such agreements previously enacted with mortgage insurers without delay and requests servicers provide Fannie Mae with a copy of any executed agreements or materials pertaining to an arrangement with mortgage insurers outside of an approved master policy.  
Published
Apr 18, 2011
'A Long Road To Normal'

Nominated again to lead The Fed, Powell tells Senate committee to expect three rate hikes, but 'if we have to raise interest rates more over time, we will.'

Regulation and Compliance
Jan 11, 2022
CFPB: Complaint Response Worsens At Big 3 Credit Bureaus

Report claims Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.

Regulation and Compliance
Jan 10, 2022
The Fed Names Chairs, Deputy Chairs For 12 Reserve Banks

In recent years, the Federal Reserve System has worked to increase the overall diversity of the Reserve Bank and branch boards of directors and continues to build on those efforts.

Regulation and Compliance
Jan 06, 2022
The Fed: Rate Hike Likely Coming in June

Federal Open Market Committee's December minutes reveal discussion of first hike in federal funds rate in 2Q of 2022, as well as of ending asset purchases by March.

Regulation and Compliance
Jan 05, 2022
AARMR No Protection For Savanah Scares

Conference provides opportunity for regulators to interact, discuss common topics

Regulation and Compliance
Jan 04, 2022
McCargo Sworn In As Ginnie Mae President

Former HUD official becomes the first female to lead the Government National Mortgage Association.

Regulation and Compliance
Jan 04, 2022