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Volume 18 - Number 20

September 28, 2018

Fannie Implements New Policies on Reverse Mortgage Loans

Fannie Mae is helping to alleviate some of the additional responsibilities servicers take on during post-foreclosure sales on reverse mortgage loans. In a Sept. 18 announcement, the GSE updated its policy and said it will now take responsibility for ground rents, co-op fees and assessments, and property taxes for certain properties in Fannie’s real estate- owned inventory. The policy change is applicable to all reverse mortgage loans. Last year Fannie also took on additional responsibilities from servicers for post-foreclosure sales. The GSE announced it would pay property taxes for acquired properties with a foreclosure sale date or final acceptance of an executed mortgage release after July 7, 2017.

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Poll

Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.

35%

The wholesale/table funder. They’re taking the financial risk.

30%

The broker, but only for the first year. After that, the borrower is fair game.

13%

Hard to answer. It’s a complicated issue.

22%