The Federal National Mortgage Association (Fannie Mae) has recently announced that it currently seeks buyers for its loans. Fannie Mae has nearly $2 billion in re-performing loans off its hands at the time being. This rooted from the 9,400 re-performing loans that the government-supported company has.
In further details, Fannie Mae’s loans totals to a principal balance of approximately $1.972 billion. This is currently the sixth re-performing loan sale done by the company. In the preceding year, the mortgage house successfully marketed $2.11 billion in re-performing loans to Credit Suisse. This was its fifth time doing so.
Currently, the sales currently has two sets. The first one has approximately $692.46 million in unpaid principal balance while the other carries nearly $1.279.61 billion in UPB.
Furthermore, interested buyers must report back to Fannie Mae if ever a loss mitigation happens during the periods.
Fannie Mae Black Knight Agreement Renewal
Fannie Mae has also announced that it will continuing its services with Black Knight. This is for the the Default Management Reporting System of Black Knight (DMRS) which is a system developed to report foreclosure and bankruptcy milestone events that occur on Fannie Mae loans.
The DMRS technology collects and links servicer and attorney data which then faces evaluation to ascertain any operations and timeline inconsistencies. The sytems will then notify the servicers and attorneys for any faults detected. This will give them to opportunity to fix these errors within a short period of time.
This tool is usable during bankruptcies and foreclosure processes. It can provide an easy-to-use interface for records compliance and checking.
“Black Knight is pleased to support Fannie Mae’s initiatives to provide servicers with a streamlined reporting process and greater efficiencies via an innovative, accessible solution,” President of Black Knight and its Servicing Technologies division Joe Nackashi, told reports. “Together, we are facilitating a faster, more efficient process through improved data standardization and transparency.”
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