Fannie Mae Revised Policies

Fannie Mae has made some revisions to their policies. Below are a couple that may impact you.

Here is the original link.
(click on Miscellaneous Servicing Policy Changes)

No Negotiation of Preforeclosure Sales Commission
Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers
Effective March 1, 2009, closing of preforeclosure sales may not be conditioned upon a
reduction of the total commission to be paid to real estate agents to a level below what was
negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales
price of the property in aggregate. Servicers are reminded that they must continue to obtain
any approvals that may be required by interested third parties in connection with preforeclosure
sales.

Delinquency Status Reporting to Begin at 30 Days Delinquent
Servicing Guide, Part VII, Section 602: Reporting Monthly Mortgage Status
Effective with the May 2009 reporting month, servicers will be required to report the
delinquency status code, delinquency status code effective date, and reason for delinquency code
for any mortgage loan that is one or more months (30 days or more) past due as of the last day of
the preceding month.
Servicers are reminded that beginning with the July 2009 reporting month, the scheduled
completion date for forbearances and repayment plans must be reported. Servicers are
encouraged to comply with the new delinquency status reporting requirements immediately, if
possible.