Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
FANNIE MAE SERVICER GUIDE 2012 Definition of Mortgage: Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt (including the chattel mortgage, security agreement, and financing statement for a co-op share loan).

FANNIE MAE SERVICER GUIDE 2012 Definition of Mortgage: Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt (including the chattel mortgage, security agreement, and financing statement for a co-op share loan).

Ratings: (0)|Views: 29 |Likes:
Published by Mary Cochrane

Mortgage insurance (MI): A financial backing type under which a privateinsurer (and sometimes a state or local entity) insures the mortgagee against losses from borrower default, by agreeing to cover a percentage ofthe losses in return for the payment of a specified mortgage insurance premium.Mortgage loan. An individual secured loan that is sold to Fannie Mae as a whole loan or in a pool of mortgages underlying Fannie Mae-guaranteed MBS. The term includes a participation interest in a mortgage loan where context requires. In this Guide, a mortgage loan also may be referred to as a mortgage or a loan.

Mortgage impairment insurance. A type of insurance coverage that protects the lender against the lack or inadequacy of insurance coverage for a specific mortgage if the lender is not directly responsible for the insufficiency.

Notice of default. A formal written notice (usually to the mortgage insurer or guarantor) that a default has occurred and legal action may be taken as a result of the default.

Prearranged refinancing agreement. A formal or informal arrangement between a lender and a borrower wherein the lender agrees to offer special terms (such as a reduction in costs) for a future refinancing of a mortgage being originated as an inducement for the borrower to enter into the original mortgage transaction.

Purchase price. The percentage of par that Fannie Mae applies to the UPB of a mortgage submitted as a cash delivery to determine the amount of the purchase proceeds; the amount that Fannie Mae will pay the lender on the purchase date for a pool or mortgage loan being purchased in an early funding transaction.

Purchase date. The date on which

Mortgage insurance (MI): A financial backing type under which a privateinsurer (and sometimes a state or local entity) insures the mortgagee against losses from borrower default, by agreeing to cover a percentage ofthe losses in return for the payment of a specified mortgage insurance premium.Mortgage loan. An individual secured loan that is sold to Fannie Mae as a whole loan or in a pool of mortgages underlying Fannie Mae-guaranteed MBS. The term includes a participation interest in a mortgage loan where context requires. In this Guide, a mortgage loan also may be referred to as a mortgage or a loan.

Mortgage impairment insurance. A type of insurance coverage that protects the lender against the lack or inadequacy of insurance coverage for a specific mortgage if the lender is not directly responsible for the insufficiency.

Notice of default. A formal written notice (usually to the mortgage insurer or guarantor) that a default has occurred and legal action may be taken as a result of the default.

Prearranged refinancing agreement. A formal or informal arrangement between a lender and a borrower wherein the lender agrees to offer special terms (such as a reduction in costs) for a future refinancing of a mortgage being originated as an inducement for the borrower to enter into the original mortgage transaction.

Purchase price. The percentage of par that Fannie Mae applies to the UPB of a mortgage submitted as a cash delivery to determine the amount of the purchase proceeds; the amount that Fannie Mae will pay the lender on the purchase date for a pool or mortgage loan being purchased in an early funding transaction.

Purchase date. The date on which

More info:

Published by: Mary Cochrane on Dec 13, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

09/17/2013

pdf

text

original

 
 
Fannie Mae Single Family2012 Servicing Guide
March 14, 2012
 
 
Fannie Mae Copyright Notice
(1) © 2012 Fannie Mae. No part of this
Servicing Guide
may be reproduced in any form or  by any means without Fannie Mae’s prior written permission, except as may be providedherein or unless otherwise permitted by law. Limited permission to download and/or print acopy of the PDF version of this
Servicing Guide
from Fannie Mae-controlled Web sites isgranted solely for internal business purposes, which permission Fannie Mae may revoke inits sole discretion. Limited permission to reproduce this
Servicing Guide
in print in whole or in part and limited permission to distribute electronically parts of this
Servicing Guide
aregranted to Fannie Mae-approved servicers strictly for their own use in the servicing of mortgage loans for Fannie Mae. Fannie Mae may revoke these limited permissions by writtennotice to any or all Fannie Mae-approved servicers.Trademarks are the property of their respective owners.A full version of the
Servicing Guide
is also available for viewing on the AllRegs
®
Web siteof Mortgage Resource Center, Inc., (“MRC”), which posts the
Servicing Guide
under licensefrom and with the express permission of Fannie Mae. If there should ever be a difference between the
Servicing Guide
as it appears on the AllRegs Web site and this version, thedifference is an error. In such event, this version shall be deemed the correct authoritativeversion. Material discrepancies between the two versions, identified by Fannie Mae or otherwise brought to our attention, may be addressed by Announcement.(2) Disclaimer: You acknowledge and agree (individually and on behalf of the entity for which you are accessing the
Servicing Guide
) that you (and the entity for which you areaccessing the
Servicing Guide
) may not make any claim against Fannie Mae for any errors,and Fannie Mae shall not be liable to you (or the entity for which you accessing the
ServicingGuide
) for any losses or damages whatsoever resulting directly or indirectly from any errors.
 
Foreword
March 14, 2012
Page iii
Servicing Guide 
Foreword
This update of the
Servicing Guide
(Guide) includes the incorporation of all Guide Announcements (defined below) issued September 1, 2010,through September 2, 2011. Announcements issued after September 2,2011, must be retained and referred to until they are included in the Guidein a future update
.
Amendments to the
Servicing
 
Guide
 
Fannie Mae may at any time alter or waive any of the requirements of itsGuide, impose other additional requirements, or rescind or amend any andall material set forth in its Guide. The servicer must make sure that its staff is thoroughly familiar with the content and requirements of the Guide as itnow exists and as it may be changed from time to time.The Guide is amended periodically through the issuance of Announcements, Lender Letters, and Notices that introduce new or modified policies and/or provide clarifications, special guidance, andupdates to documents posted oneFannieMae.com. Fannie Maecommunicates its Single-Family servicing policies and processes in thefollowing ways:
 
Announcements
— Describe new, supplemental, or modified policiesand procedures and amend the Guide or documents posted oneFannieMae.com. Announcements are numbered as: SVC-2012-##.
 
Lender Letters
— Announce new or modified policies and procedures that are not documented in the Guide, such as policychanges that are temporary in nature (initiatives or pilots), remindersof existing policies, upcoming Guide updates, or updates to documents posted oneFannieMae.com. Lender Letters are numbered as: LL-2012-##.
 
Notices
— Provide information that servicers need but that does notrequire an update to the text in the Guide, such as updates todocuments posted oneFannieMae.com. Notices can be identified bythe date published (and are not numbered).