fannie mae: Fannie Mae REWARDS foreclosure mills in Maryland for dismissed foreclosure files - 01/21/11 03:38 AM
This has got to be the most ridiculous thing I have ever heard.
Yesterday I wrote about 250 Maryland foreclosures being dismissed because of shoddy foreclosure work, liars affidavits and robo-signing and then today I read from Housing Wire.....
Fannie Mae will increase the maximum allowable fee servicers can pay Maryland foreclosure attorneys to $1,300 from $950 for mortgage loans referred to them on or after Feb. 1.
But wait, it gets better!! The reason they need a raise is because they need to do more work in Maryland in order to correct deficiencies. 
A recent decision in Maryland courts … (2 comments)

fannie mae: Fannie Mae and Freddie Mac blame mortgage servicers for the foreclosure crisis - 12/03/10 06:37 AM
An article in the Wall Street Journal dated December 1, 2010 reveals that Fannie Mae and Freddie Mac both are placing the blame for the foreclosure crisis on the servicers.  They state, that they, Fannie and Freddie do not service loans and thus are not to blame for the crisis.  They remind us that the collection of mortgage payments are the responsibility of mortgage servicers and law firms with which the companies contract.
The article, written by ZACHARY A. GOLDFARB contains quotes from both Terence Edwards, Executive Vice President for credit portfolio management at Fannie Mae and Donald Bisenius, Executive Vice President … (0 comments)

fannie mae: AN OPEN LETTER OF CLARIFICATION TO MY REO CLIENTS - 10/04/10 04:56 AM
Dear REO business partner: 
As you are all aware there has been much talk in the news over the last few days relating to whether or not the major title underwriters will allow policies to be issued on property that has been foreclosed upon in the name of JP Morgan/Chase, GMAC and others. 
On Thursday September 30, 2010 I received a bulletin from my underwriter, Old Republic National Title Insurance Company, advising that they would not allow us to write policy on these properties.  And then on Friday, October 1, 2010, I received an updated bulletin from ORT softening their position … (3 comments)

fannie mae: PERRY HALL REO AVAILABLE-TAKE ADVANTAGE OF FANNIE MAE'S CREDITS ACT NOW - 09/23/10 07:14 AM
I know a lot of REO agents who specialize in Fannie Mae transactions and have decided it's time I started to recognize them here on this blog since I post a lot of information about Fannie Mae here.  For many years now I have had a very loyal base of Realtors who consistently send business my way. One of these friends is Sandie Klein.  Sandie is a long time REO specialist and is affiliated with Long and Foster. She is in the Top 5% of Agents Nationwide. 
In an earlier post I provided some information about Fannie Mae's new incentive program being offered … (0 comments)

fannie mae: FREE MONEY TO BUYERS AND TO REALTORS- FANNIE MAE HOMEPATH ANNOUNCEMENT - 09/23/10 04:22 AM
 
 
Fannie Mae announced today that it will be offering incentives to Buyers beginning on September 23 through December 31, 2010.  The buyers will be offered an incentive of UP TO 3.5% of the final sales price which can be used toward closing cost assistance, including a home warranty, if desired and available.
The property sale must close on or before December 31, 2010 and withing 60 days of offer acceptance. The buyer must be an owner occupant and you must submit an owner occupant certification The offer of up to 3.5% is considered a seller contribution and as such … (2 comments)

fannie mae: ANOTHER STORY ON FORECLOSURE MILLS - 08/18/10 09:21 AM

Zach Carter
Economics Editor, AlterNet; Fellow, Campaign for America's Future
Financial giants have figured out yet another way to profit from fraud. After devastating communities across the country with shady subprime loans, the mortgage industry has launched a new assault on America's neighborhoods. Big banks are now outsourcing their foreclosure processing to shady law firms with a history of breaking the law for a quick buck. These foreclosure scammers forge documents, backdate signatures, slap families with thousands of dollars in illegal fees and even foreclosure on borrowers who haven't missed a payment.
Andy Kroll lays out the insanity in a … (0 comments)

fannie mae: FANNIE MAE SERVICING ANNOUNCEMENT - 08/13/10 08:37 AM
Servicing Guide, Part VII, Section 501.03: Allowable Attorney Fees, and Part VIII,Section 104.04: Attorney (or Trustee) Fees
Effective September 1, 2010, Fannie Mae is prohibiting servicers from directly or indirectly requiring or encouraging attorneys or trustees to use specified vendors in connection with Fannie Mae referrals, including, but not limited to, title companies, posting and publication vendors, and service of process vendors.  Attorneys and trustees must be allowed to select vendors of their choice based on their assessment of factors such as the cost efficiency, quality, reliability, and timeliness of the services provided by the vendor.
Fannie Mae is also reminding … (1 comments)

fannie mae: Fannie Mae Launches new consumer Website-KnowYourOptions.com - 08/04/10 03:41 AM
Fannie Mae announced today that it has launched its new consumer website, KnowYourOptions.com to educate homeowners about their options to avoid foreclosure and how to get help.
The purpose of this website is educate homeowners who may be facing foreclosure. It is a sad fact that many homeowners who are facing foreclosure don't know what resources may be available to them. This web site strives to offer homeowners a one-stop shop for easy to understand consumer friendly information on the range of options for avoiding foreclosure. 
The website is designed to be a compliment to those web sites that many lenders may … (1 comments)

fannie mae: REO ADDENDUMS and COUNTER OFFERS - 07/15/10 07:58 AM
It came to my attention yesterday that while most REO addendums floating around these days specifically state that the buyer may use their own title agent there a number of asset managers who are countering with a statement that the buyer MUST (or sometimes, because of RESPA) WILL use the seller's title agent.
In most instances the buyers and their agents know no better than to accept this counter offer and will go ahead and accept the counter offer without question. YOU DON'T HAVE TO ACCEPT THAT COUNTER. It is possible that the listing agent will tell you that the asset manager thinks the transaction … (1 comments)

fannie mae: FANNIE MAE OFFERS POD CASTS FOR HOMEBUYERS - 05/14/10 03:27 PM
Fannie Mae announced today that it will offer two new resources for home buyers and real estate professionals. 
A HomePath Buyers Guide and podcast series.  The buyers guide will help home buyers to navigate the process of purchasing a home.  The information will include basic home buying and HomePath financing information FAQ's about the sales process, and a new home buyers checklist.
The HomePath podcast series will address many new and changing topics relating to Fannie Mae and the real estate industry.
The first three topics to be offered will be Fannie Mae 101, HomePath 101 and HomePath financing.  You may … (0 comments)

fannie mae: THE FANNIE MAE ADDENDUM AND HOME PATH FINANCING - 05/05/10 05:25 AM
Good Morning to all!!
I wanted to share with you a very interesting conversation I had this morning with a first time home buyer in the State of Maryland. 
The buyer called me after reading a few of my blogs here in Activerain relating to the Fannie Mae addendum.  She is purchasing a Fannie Mae property here in Maryland and she is taking a loan through HomePath.  See FAQ's in the link
http://www.fanniemae.com/homepath/homebuyers/faq.jhtmler
Her questions to me were in relation to whether or not she was able to use her own title agent, and whether or not she would lose the seller's credit … (6 comments)

fannie mae: FOLLOW UP TO FAQ FANNIE MAE ADDENDUM - 03/09/10 06:34 AM
Please see the following link for more details relating to the new Fannie Mae Addendum.  Hopefully it will clarify a few things. 
http://www.talonstuff.com/FNMAForm001Explanation.pdf
Thanks to all
Charlene
… (0 comments)

fannie mae: FAQ THE NEW FANNIE MAE ADDENDUM - 03/05/10 06:01 AM
WOW!!
Thank you all for reading my post relating to the new Fannie Mae Addendum, titled NPDC FORM 001 DATED 11-30-09.  I will attempt here to answer some of the questions that have been presented to me over the last week or so from many of you who have called or e-mailed your questions to me.  I want to thank each and every one of you for taking the time to read my blog and to invite you to continue to feel free to call on me.  Naturally, I will be happy to assist you with all of your title and … (9 comments)

fannie mae: FANNIE MAE ADDENDUM FOLLOW UP - 03/02/10 06:33 AM
Thanks to all of you who have contact me recently asking if I can provide a copy of the new addendum.  While I am always happy to share I hesitate to provide a copy of the addendum since I am not sure whether or not other jurisdictions have additional provisions.
For those of you who are able to access eFannieMae, I think you may be able to acquire a copy there. If you are not able to access eFannieMae, please contact a local Fannie Mae listing broker.  They will be able to provide the copy specific to your jurisdiction.
Thank you … (2 comments)

fannie mae: NEW FANNIE MAE ADDENDUM - 02/22/10 06:39 AM
I was very pleased to learn last Friday that Fannie Mae is using a new addendum for their REO properties.
As you may know all banks use their own addenda for REO sales.  For many years now Fannie Mae has been using basically the same addendum which stated that the buyer MUST use the seller's title agent and that the cost of transfer taxes and stamps would be bourne in full by the buyer.  Fannie Mae is in fact EXEMPT from the payment of transfer taxes and stamps, although some local jurisdictions push the entire burden on the buyer without taking … (15 comments)

fannie mae: Seller's title agents in REO transactions - 12/07/09 07:25 AM
 
Well, I wish I could say that it's been a month of no title issue relating to seller's title agents not doing what needs to be done to clear title.  In the past month we have had delays on at least 5 files due to the fact that the seller's title agents did not clear title.  Of course, as is always the case, these were all properties being transferred out of foreclousre.  In one particular instance we found that the foreclosure sale was not even ratified yet and the seller's title agent was nagging us to get the deal to … (0 comments)