Effective June 15, 2011, if a borrower request for a mortgage loan modification has been submitted to Fannie Mae through the HomeSaver Solutions Network (HSSN) for approval, and Fannie Mae advises the servicer that the request for loan modification is denied, the servicer must send an adverse action notice to the borrower, provided the borrower is not currently in default.  To facilitate compliance, Fannie Mae has introduced a model Adverse Action Notice, Fannie Mae Form 182.  DocMagic has made the model notice (DocMagic file name 182.MSC) available in the Forms List for worksheets with Modification as the Loan Purpose.

For more information about Fannie Mae policy regarding adverse action notices for loan modifications, please refer to Fannie Mae Announcement SVC-2011-05.  If you should have questions about the information presented in this article, please contact DocMagic’s Compliance Department.