E-2.1-08, Monitoring Borrower Payments and Critical Dates (11/12/2014)
The following table provides Fannie Mae’s requirements for monitoring and tracking borrower payments.
✓ | The servicer must… |
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Keep accurate records of the payments it receives from the borrower before, during, and after the bankruptcy process. |
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Ensure that both pre-petition and post-petition payments are made on time and are properly accounted for in accordance with
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Keep the law firm informed about the borrower’s payment record and send a new referral if the mortgagor becomes 60 days delinquent with their plan payments. The referral must be sent no later than two weeks from the 60th day of delinquency. |
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Maintain a legal event record that includes dates and indicates the status of the case at various stages in the bankruptcy process. |
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