Developments in real estate, debtor-creditor, consumer and credit union/banking law
Wednesday, March 22, 2017
FNMA Flex Modification
Per Fannie Mae's FNMA December 14 2016 Lender Letter, servicers must begin to use this mortgage modification procedure starting October 1, 2017. The procedure, set forth in Lender Letter LL-2016-06, contains deadlines for notifying the borrower of delinquency, borrower application for modification, etc. Unclear how a lender complies with this and CFPB loss mitigation.