Freddie Hikes Servicer Fees on Reporting Noncompliance
March 23, 2012
Effective Sept. 1, Freddie Mac will assess a Reporting Noncompliance Compensatory Fee of up to $15,000 on servicers that fail to report on at least 75 percent of the loans they service by the fifth business day after the accounting cycle cutoff, the GSE noted in an alert to servicers last week. Freddie has upped the fine it will levy from $250 to $5,000 against any servicer that falls short of the GSEs reporting rules. A second violation in one 12-month period will result in a $10,000 fine, previously $550.