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Smokin Gun

Smokin Gun

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Published by: DinSFLA on Aug 15, 2011
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01/19/2015

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~FannieMae
14221DallasParkwaySuite1000Dallas,TX75254
June18,20110JPMorganChase&Co.270ParkAvenue,33
rd
FloorNewYork,NY10017ATIEiNTION::DavidSchneiderFannieMa.eServioer#'s:10647;13123;.21953;10111;21430;1.2,669;21754Re:ForeclosureDelaysDearMr.Schneider:InordertoaddressdelaysintheprocessingofFannieMaeforeclosures,FannieMa.eisremindingservicersofexistingServicingGuiderequirementsandimposingcertainnewrequirements(collectively,the"Requirements").FannieMaeisalsoalertinglservicersthatFannieMaemayassessoompensatoryfeespursuanttotheServicingGuidetocompensateFannieMaeforunauthorizeddelaysofforeclosuresandmayrequiretherepurchaseofloanswithtitledefectsthatcannotbecorrectedwithin90days.TermsandEffectiveDateTheIRequirementsaresetforthonExhibit
A.
TheRequirementswil'lapplytomortgageloansFannieMaeownsorguaranteesthatareservicedbyJPMorganChase&Co.effectiveassetforthbelow.Para.graphs1,4(e),5,6,7,8,and9ofExhibitAareeitheralreadyeffectiveundertheexistingServicingGuideorwillibecomeeffectiveonJuly1,.2010.TheRequirementssetforthinPara.graph4(d)ofExhibitAregardingspecialrulesandapprovalrequirementsfordelaysofFloridaforeclosuresafterjudgmenthasbeenenteredareeffectiveJuly1,2010withrespecttoplacingcasesonholdand,withrespecttocontinuing,postponing,orcancellingsales,areeffectiveforsalesscheduledtooccuronorafterJuly15,.2010.TheRequirementssetforthinParagraph4(c)ofExhibit.AregardingspecialrulesandapprovalrequirementsfordelaysofscheduledFloridasummaryjudgmenthearingsareeffectivewithrespecttohearingsscheduledto,occuronorafterJuly15,2010.TheRequirementssetforthinParagraph3ofExhibitAregardingspecial'rulesandapprovalrequirementsfordelaysofloansthatare12ormoremonthsdelinquentareeffectiveasfollows:a.Forloansthatare1'2ormoremonthsdelinquentasofJuily1,20110,theRequirementsareeffectiveonJuly1,2010,providedthattherequirementsforapprovalswithrespecttoscheduledsaleswillapplytosalesscheduledtooccuronorafterJuly15,2010.,b.Forloansthatbecome
12
monthsdeUnquentafterJuly1,2010,theRequirementswillbeeffectiveonAugust1,2010,providedthattherequirementsforapprovalswithrespecttoscheduledsaleswillapplytosalesscheduledtooccuronorafterAugust15,2010.
 
JPMorganChase
&.
Co.Re:ForeclosureDelaysPage2TheRequirementscontainedinParagraphs
.2,
4(a),and4(b)willbeeffectiveSeptember
1:,
2010.
Althoughcertainoftheapprovalrequirementsarenotetlectiv,eimmediate.ly,FannieMaeurgesyoutobeginmorecloseliymanaglingdelaysintheprocessingofourforeclosurecasesassoonaspossible.Wealsowanttoremindyouofyourobli.gationtoinsurethatanysubservieersorotherpartiesyouretaintoassistyouwiththeperformanceofyourservicingobligationsserviceourmortg'agesinaccordancewithaliiFannieMaerequirements.GuidesandAnnouncementsTheinstructionscontainedinthisletterandExhibitAareprovidedbyFannieMa.epursuanttothetermsoftheexistingMortgageSellingandServicingContractbetweenFannieMaeandServicer..ExceptasprovidedinExhibit
A,
nothinghereinshouldbeconstruedasamending,revis.ingorlimitingyourauthorityorobligationsundertheFannieMaeMortgageSe:l'linglandServicingContract,theFannieMaeGuidesorothera.g!reementswithFannieMa.e(collectively,the"FannieMaeGuidelines").Servicershouldestablishand/orma,intainsuchqua.litycontrolactivities,asServicerdeemsnecessarytomonitoritscompliancewiththeFannieMaeGuidelines,theRequirements,andapplicablelaw.ConfidentialityYoumustkeepthecontentsofthisletterandtheRequirementsconfidenUal;providedthatyoumaydisclosethem:(i)toyourdirectors,officers,employeesandagentswithalegitima.tebusinessneedtoknow;
(iii)
wheredisclosureismadepursuantto(a)anystateorfederallaworregulation.,or(b)theorderofanystateorfederalcourtoragency;or(iii)asotherwisea.greedtobybothyouandFannieMae.WewillbereachingouttoyouwithinthenextfewdaystodiscusstheRequirementsandtoaddressanyquestionsyoumayhave.
~~----~
JavidJaben.VicePresident,ServicingPortfolio,Managementcc:BobHera,FannieMaeJerryMcCoy,FannieMae
 
ExhibitA-TheRequirements
FannieMaeissufferingdelaysintheprocessingofitsforeclosures.Inordertoaddressthesedelaysandtomorecloselymanagetheforeclosureprocess,FannieMaeisremindingservicersofexistingServicingGuiderequirementsandimposingnewrequirements(collectively,the"Requirements")asfollows:
1.Documents
Delays.TheServicingGuiderequiresthatservicersprovideattorneys/trusteeswithacompleteforeclosurereferralpackageandprovideanymissingdocumentswithinthreetofivebusinessdaysofrequestdependinguponwhentherequestismade.FannieMaeexpectsservicersandforeclosureattorneys/trusteestoengageinaregularprocessofreconciliationwithrespecttomissingdocumentsneededtoconductforeclosures..
In
ordertofacilitatethis
reconciliation
process,FannieMaeretained
attorneys
willproduce
a
reporttwice
a
monthatis-dayintervalsidentifyingforeclosuresthatareonholdduetomissingdocuments.
I
Ifa
servicer's
foreclosuresexhibit
a
continued
pattern
ofdelays
fOI"
documentissues,FannieMaereservestherighttoassesstheservicercompensatoryfeesforforeclosuredelayscausedbydocumentsnottimelyprovided.2.
BreachLettersandReferralstoForeclosure.
When
aservicer
believesapropertyhasbeenabandonedorthe
borrower
hasdisplayedanobviouslackofconcernforthemortgageobligetion,theservicermustsendthebreachletteronadelinquentloanattheearliestpossibledateallowedbylaw.Servicersmustexpediteforeclosureproceedingstothegreatestextentallowableunderapplicablelaw
(withoutexploringall
foreclosurepreventionoptions)
if
the
property
hasbeenabandonedorvacatedbytheborrowerand
it
isapparentthatthebon-owerdoesnotintendtomakethemortgagepayments.Inallothercases,
the
servicermustsendthebreachletterbythe45
lh
dayofdelinquency,butmaypostponesending
it
tonolaterthanthe62nddayofdelinquency
if
theborrowerhasindicatedadesiretopursueaforeclosure
prevention
alternativeandtheservicerreasonablydeterminesthedelaymayfacilitateaforeclosurepreventionsolution.However,iftheServicingGuideestablishesanydifferentrequirementsforgovernmentinsuredorguaranteedloans,thenthatguidancewillapplyinstead.FannieMae'spriorwrittenapprovalisrequiredonanydelayinreferringaloantoforeclosurepast
the
lOS
th
dayofdelinquencyunlessone
of
thefollowingconditionsexists(a"PermittedException")andisdocumented
in
the
servicers
system:
a.
alegalimpedimentexists,suchastheautomaticstay
in
bankruptcy,
a
temporaryrestrainingorderorotherinjunction,mediationwhichrequires
a
delay,orotherissueunderapplicablelaw;b.theborrowerhastenderedfundssufficienttoreinstatetheloan;c.theborrowerhastenderedthefirstinstallmentdueunderarepaymentplan;d.theborrowerhassubmittedthefirstinstallmentdueundera
trial
modificationorapermanentmodificationandhassignedandreturnedtherequireddocuments;e.ashortsalehasbeenapprovedbytheservicer,themortgageinsurancecarrier(ifapplicable),andanyjuniorlienholders,aclosingisscheduledwithinthenext30days,andtheservicerhasreceivedsatisfactoryevidencethatthebuyerhasbeenapprovedforfinancingorotherwisehasfundstoclosethetransaction;or
1
FannieMaewiUalsoobtainmissingdocumentreportsfromsomeoralloftheforeclosuretrusteescoveringthe
Western
States.includingArizona,California,Nevada,andWashington.

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