Fannie Mae to Fine Mortgage Servicers

March 30, 2014
Housing Wire 
mortgage lending news
Beginning on May 1, mortgage servicers that submit loan reports that are behind deadline or inaccurate could incur a penalty from Fannie Mae.

"A servicer may be assessed the fees to reimburse Fannie Mae for the losses and damages that result from such servicing breaches, including reimbursement for Fannie Mae's internal administrative costs in tracking, reporting, and correcting the errors," according to the company.

The cost of the fine, ranging from as little as $50 per mortgage to as high as $15,000, will grow stiffer with each subsequent infraction.

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