Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Fannie Mae updates Unemployment Forbearance requirements
WASHINGTON (6/6/14)--Fannie Mae has updated the requirements for its Unemployment Forbearance program, which allows borrowers to have their payments temporarily reduced or suspended in the event they become unemployed. The updated rules allow loan servicers to approve the use of the program without Fannie Mae's approval.
 
A borrower can be approved for the Fannie Mae Unemployment Forbearance Program by the loan servicer if:
  • The borrower's mortgage payment is in imminent default or the mortgage loan delinquency is less than or equal to 12 months as of the evaluation date; and
  • All other applicable Unemployment Forbearance eligibility requirements from the Fannie Mae servicing guide are met.
The initial forbearance period is the lesser of six months or upon notification from the borrower of re-employment.
 
Loan servicers may not offer forbearance for more than six consecutive months while the mortgage remains in their mortgage-backed securities pool. After the sixth consecutive month, it must be removed from the pool.
 
In its official announcement, Fannie Mae encourages mortgage servicers to implement the revised policy immediately, but it must be implemented no later than Sept. 1.
RSS





print
News Now LiveWire
Consumer spending is slumping #Market #Economy http://t.co/RI4HS68IuJ
3 hours ago
April is #NationalFinancialLiteracyMonth & @TheNCUA Chair Matz urges #creditunions to help members learn to manage/protect their finances.
4 hours ago
Fed. FI regulators' statmnts on compromised credentials/destructive malware #cybersecurity http://t.co/f4uTBDm1PU http://t.co/zP5Iw6VxZc
6 hours ago
Home prices rising faster than wages: @RealtyTrac #NewsNow #Market http://t.co/wa74mnw3Cu
8 hours ago
.@Nussle dropped by the @ACUMuseum recently. Read about his visit http://t.co/bYe8RRgYLP
8 hours ago