Fannie Mae Servicing Guide A4-2.1-05 — Requirements for Collection and Foreclosure Prevention Strategies Unique to Second Lien Mortgage Loans

fnma-svc-a4-2-1-05

Fannie Mae Servicing Guide A4-2.1-05 — Requirements for Collection and Foreclosure Prevention Strategies Unique to Second Lien Mortgage Loans. Full verbatim text as published by Fannie Mae.

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Verbatim provisions from Fannie Mae Servicing Guide A4-2.1-05 — Requirements for Collection and Foreclosure Prevention Strategies Unique to Second Lien Mortgage Loans — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

Fannie Mae Servicing Guide A4-2.1-05 — Requirements for Collection and Foreclosure Prevention Strategies Unique to Second Lien Mortgage Loans

Effective 2014-11-12 · publisher's stamp for this provision

A4-2.1-05, Requirements for Collection and Foreclosure Prevention Strategies Unique to Second Lien Mortgage Loans (11/12/2014) The following table lists the responsibilities of the servicer of a second lien mortgage loan in implementing its collection and foreclosure prevention strategies. ✓ The servicer must… Contact the first lien mortgage servicer to determine the following: • the status of the first lien mortgage loan, • any previous or ongoing collection efforts employed by that servicer, and • the borrower’s commitment and performance during those collection efforts. The servicer must take the information received from the first lien mortgage servicer into consideration when deciding the collection method it intends to use. Keep in mind that the servicing of delinquent second lien mortgage loans requires accelerated follow-up and expedited liquidation decisions if the collection methods used are not successful. Begin its telephone contact attempts before it mails the late payment notice, concentrating particularly during the five- to ten-day period that precedes the due date of the next installment.

Source: Fannie Mae Servicing Guide A4-2.1-05 — Requirements for Collection and Foreclosure Prevention Strategies Unique to Second Lien Mortgage Loans · source URL · snapshot cf63a82bbb4adfba

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Source of record: https://claudeforcompliance.com/regs/fnma-svc-a4-2-1-05/ · register fnma-svc-a4-2-1-05 · verbatim, source-snapshotted regulator text from the Claude for Compliance corpus. To work from every register at once, download the corpus and follow the methodology.