GSE Alignment of Guidelines for Servicing Delinquent Mortgages

On April 28, the FHFA directed Fannie Mae and Freddie Mac to align their guidelines for servicing delinquent mortgages that they own or guarantee in four key areas: (i) borrower contact; (ii) delinquency management practices; (iii) loan modifications and foreclosure alternatives; and (iv) foreclosure timelines. The updated guidelines will also establish monetary incentives and penalties for servicer performance. FHFA Release.