Miscellaneous Servicing Policy Changes Related to Foreclosure Process Fees, HAMP Incentive Fees, Forbearance on Balloon Loans, and IRS Form 1099-C

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Miscellaneous Servicing Policy Changes Related to Foreclosure Process Fees, HAMP Incentive Fees, Forbearance on Balloon Loans, and IRS Form 1099-C

Today Fannie Mae published an announcement that revises multiple servicing policies. This Announcement describes the following policy changes:

  • Update to attorney (trustee) foreclosure process and fees for Hawaii, Delaware, and New York
  • Increase in HAMP incentive fees
  • Availability of forbearance option at balloon maturity
  • Termination of the option to submit manually prepared IRS Form 1099-C

Investors should consult the announcement for specific details pertaining to the changes. Investors may also contact our Fixed-Income Securities Helpline at 1-800-BEST-MBS (1-800-237-8627) if they have additional questions.

Originally Published: September 1, 2011