InfoBytes, September 3, 2010 - Weekly In-depth review of news & developments in the financial services industry


Topics In This Issue

• Federal Issues

• Courts

• Firm News

• Mortgages

• Consumer Finance

• Litigation

• Privacy/Data Security

Excerpt from "Federal Issues"

Fannie Mae Requires Pre-Filing Mediation for Florida Mortgage Loans. On August 31, Fannie Mae issued Announcement SVC-2010-13, which requires servicers to participate in pre-filing mediation for certain Florida mortgage loans, using an attorney from Fannie Mae’s Retained Attorney Network. Among other provisions, the new policy: (i) accelerates the timeline for referral to retained attorneys following delinquency, (ii) requires servicers to refer delinquent mortgages to retained attorneys for mediation before initiation of foreclosure proceedings, (iii) requires servicers to cooperate in and attend mediation proceedings, (iv) caps mediation and attorneys’ fees, (v) provides for $3,000 incentive payments to borrowers who complete short sales or deeds-in-lieu of foreclosure as a result of mediation, and (vi) reserves Fannie Mae’s right to assess compensatory fees on servicers for delays or failure to comply with the policy. The new policy will be implemented by January 1, 2011, but servicers must designate and send liaison team information, and retained attorneys must begin newly referred screening loans for mediation by September 15, 2010.

Please see full newsletter below for more information

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© BuckleySandler LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »


BuckleySandler attorneys are among the leading financial services law practitioners in the country... View Profile »

Follow BuckleySandler LLP :

Reporters on Deadline

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.