Fannie Mae rolled out new rules that require home loan servicers to communicate more directly with borrowers who have fallen behind on mortgage payments and expedite arrangements aimed at helping homeowners avoid foreclosure.
The new standards require servicers to take a more consistent approach to how they deal with troubled borrowers, beginning in the initial months after a loan becomes delinquent, through any efforts to modify the terms of the loan and, if necessary, through the foreclosure process.
"We want homeowners to be able to understand their options when facing foreclosure, and we want servicers to reach homeowners early in the process, communicate frequently and clearly, and help homeowners avoid foreclosure," said Jeff Hayward, senior vice president of Fannie Mae's national servicing organization.
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