COMPLIANCE HOT TOPIC Servicing Transfer Welcome Call Update QUESTION: The Fannie Mae requirements for Servicing Transfer Welcome calls have been updated. What do I need to know? ANSWER: Effective immediately, Fannie Mae has announced they have updated their Guide with regard to servicing transfers removing the requirements that the new servicer:
- Initiate welcome calls to borrowers within five days after transfer,
- Make at least three welcome call attempts by the end of the month following the file transfer (unless contact is made or a payment is received), and
- Use commercially reasonable efforts to maintain accurate contact information.
Fannie Mae stated borrower contact rates are low and borrowers are already aware of the servicing transfer. They have concluded these requirements provided very little benefit to the borrower.
Fannie Mae still requires specific notices regarding the transfer of servicing. Servicers are also required to provide customers:
- Prompt and accurate information of a pending transfer of servicing, and
- Prompt and courteous responses to their inquiries about the transfer.
This policy change will enable servicers to implement their own process so long as it remains in compliance with applicable law. |
