Guide to the Foreclosure Settlement: A Model for National Standards


“We are not sure how far down the line we’ll go to seek agreements, but we obviously will move in that direction.”

--Tom Miller, Attorney General, State of Iowa


The recent $25 billion foreclosure settlement applies to only five servicers. But the government regulators, by their own admission, will be looking to apply some of the same restrictions and guidelines to a much larger group of servicers. Legal experts agree that national servicing standards will likely look a lot like the new rules that the five largest servicers now have to live by.

Inside Mortgage Finance breaks down the settlement requirements in the new easy-to-understand Guide to the Foreclosure Settlement: A Model for National Standards. This special report covers all aspects of the agreement and includes analysis from those directly involved in the negotiation. You’ll understand

  • What the settlement sets out as servicing standards,
  • What is required in terms of loan modifications, refinances, and other loss mitigation,
  • How the agreement will be enforced, and
  • How it all applies to other servicers.

As AG Miller said, “Everybody [should] take the settlement’s servicing standards very seriously, to implement them to the fullest extent that you can.”

Learn what is headed your way and get a start on adapting your systems.


Partial Table of Contents:

National Servicing Standards

+ Foreclosure Information and Documentation

+ Third-Party Provider Oversight

+ Dual Track Foreclosures

+ Single Point of Contact

+ Online Loan Portal

+ Loan Mod Timelines

+ Independent Evaluation of Mod Denials

+ Transfer of Servicing

+ Protections for Military Personnel

+ Servicing Fees


Loan Modification Requirements

+ Consumer Relief Requirements

+ Principal Reduction

+ First-Lien Mods

+ Second-Lien Portfolio Mods

+ Actions by Subservicers


Refinance and Other Loss Mitigation Requirements

+ Short Sales

+ Deficiency Waivers

+ Forbearance for Unemployed Borrowers



+ Settlement Monitor

+ Internal Review Group

+ Quarterly Reports

+ Potential Violations and Right to Cure

+ Releases from Liability

+ Implementation by Servicers


Price with shipping in U.S. - $367.00
Price with shipping elsewhere - $417.00

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What will Fannie Mae’s and Freddie Mac’s new 97 LTV programs mean for your business?

It will give our business a big boost as there is a lot of pent up demand for the product.
It will have only a minor impact on our overall business as we already are doing high LTV business through FHA and some of our high LTV FHA business is likely to shift to Fannie and Freddie.
It won’t have any impact on our business as we plan to steer clear of all high LTV business – particularly in the GSE market.

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