Mortgage

Mortgage servicer taps Fannie Mae tool to prevent foreclosures

Fannie Mae to require use of tool in the 'near future'

National mortgage servicer RoundPoint has adopted a Fannie Mae tool designed to help servicers work more quickly and consistently to prevent foreclosures, RoundPoint announced today. Fannie Mae's Servicing Management Default Underwriter will allow RoundPoint to offer borrowers a more comprehensive set of workout options, ensure compliance with Fannie Mae guidelines, and shorten the time required to evaluate borrowers, thereby enabling RoundPoint to communicate decisions to borrowers faster, the servicer said. Fannie Mae introduced the tool in early May and said that although adoption of the tool was currently voluntary, servicers should expect it to be required sometime in the near future. Charlotte, N.C.-based RoundPoint Mortgage Servicing Corp., a subsidiary of RoundPoint Financial Group, specializes in servicing credit-sensitive residential mortgage loans and services about $8.5 billion worth of performing and nonperforming loans in all 50 states....