Fannie Mae Mortgage Default Counsel Retention Agreement

Fannie Mae reminds the service that all recommendations from Fannie Mae Mortgage Loans after June 1, 2013 for default-related legal services (foreclosure, training options, bankruptcy and related litigation) should be directed to law firms selected and maintained in accordance with the requirements of Service Guide A4-2.2-01, Selection and Retention of Law Firms. For a law firm to be eligible to receive legal advice from Fannie Mae: is responsible for managing and monitoring the firm`s performance and compliance in accordance with the requirements of Fannie Mae`s current standards-based legal services structure. Note: Information about law firms selected and retained by the service provider must be retained for as long as the law firm provides legal services related to Fannie Mae`s mortgages, and thereafter for the longer retention period that applies to the service provider, or seven years. If the service provider concludes that a law firm does not meet Fannie Mae`s minimum requirements, or if the provider decides not to retain the firm as part of the due diligence process, the service provider must notify the Registrar that the service provider has not been selected. Information about law firms that is not selected and retained by the service provider must be retained for a longer retention period applicable to the service provider or for seven years. The Service must provide Fannie Mae with a service selection form (Form 200) for each law firm it wishes to engage to provide legal services related to Fannie Mae`s mortgage default. By submitting Form 200, the Registration Service Provider certifies the Company`s satisfaction with Fannie Mae`s minimum requirements and other specific information. Form 200 must be reported to Fannie Mae`s SF-CPM service (see F-4-03, Contact List). Fannie Mae does not allow direct transfers of Fannie Mae mortgages to foreclosure agents in any country. From time to time, service agents retain the necessary advice to represent Fannie Mae and/or the service at their own expense, in accordance with their indemnification obligations to Fannie Mae (Special Counsel). Special Counsel hired and paid by the Services in accordance with their obligations to indemnify Fannie Mae may not be selected and maintained in accordance with the guidelines described in A4-2.2-01, Selection and Retention of Law Firms. The following table describes the supplier`s requirements when hiring the special consultant. Inform the law firm that they must complete the formation of Fannie Mae`s new law firm and sign a limited retention agreement with Fannie Mae to receive recommendations for Fannie Mae`s mortgages.

To mitigate the risk arising from the concentration of legal work related to De Fannie Mae mortgages, the service provider must select and retain an appropriate number of law firms for each jurisdiction. The department is responsible for selecting qualified and experienced law firms for all jurisdictions dealing with legal services related to Fannie Mae mortgages. Standard legal services include foreclosure, training options, bankruptcy and related litigation. Inform the law firm that they must complete Fannie Mae`s training and sign a contract with Fannie Mae to obtain the right to mortgage transfers from Fannie Mae. Tell Fannie Mae that the special advocate will stay. is responsible for managing and monitoring the firm`s performance and compliance in accordance with the requirements of Fannie Mae`s current standard legal services structure. Law firms must also enter into a contract with limited storage. The Limited Retention Agreement recognizes and reflects a joint attorney-client relationship between the law firm Fannie Mae and the service provider. It also provides for the verification of whether an agreement between the Registrar and the service provider contains conflicting provisions. The Service may access the Restricted Storage Agreement form by registering in the password-protected portion of Fannie Mae`s website.

Fannie Mae considers the form of limited retention agreements to be confidential and proprietary information, and the service must process forms that meet this classification. To reduce the risk arising from the concentration of legal work related to De Fannie Mae mortgages, the service provider must select and retain an appropriate number of law firms for each jurisdiction. Note: Information about law firms selected and retained by the service provider must be retained for as long as the law firm provides legal services with respect to Fannie Mae`s mortgages, and thereafter for the longer retention period that applies to the service provider, or seven years. Advise Fannie Mae to retain the services of the special advocate. If the service provider concludes that a law firm does not meet Fannie Mae`s minimum requirements or, as a result of the due diligence process, decides not to hire the law firm, the service provider must inform the law firm that it has not been selected. Information relating to law firms that is not selected and retained by the Service Provider shall be retained for the longer of a retention period applicable to the Service Provider or seven years. The law firm selection and location requirements set out in the Service Guide are mandatory for all Fannie Mae mortgages. From time to time, Service Providers may engage legal counsel at their own expense to represent Fannie Mae and/or the Service Provider in accordance with their indemnification obligations to Fannie Mae (Special Counsel). Special Advisors hired and paid by service providers in accordance with their indemnification obligations to Fannie Mae do not need to be selected and retained in accordance with the guidelines outlined in A4-2.2-01, Selection and Retention of Law Firms.

The following table describes the service provider`s requirements when hiring a special advocate. Fannie Mae does not allow direct transfers of Fannie Mae mortgages to trustees for foreclosure in any jurisdiction. The service provider must provide Fannie Mae with a manager selection form (Form 200) for each law firm it wishes to engage to provide legal services related to default for Fannie Mae mortgages. By filing Form 200, the service provider certifies that the law firm meets Fannie Mae`s minimum requirements and other required disclosures. Form 200 must be submitted to fannie Mae`s SF CPM department (see F-4-03, Contact List). The Service Provider is responsible for selecting qualified and experienced law firms for all jurisdictions to provide legal services related to Default related to Fannie Mae mortgages. Non-payment legal services include foreclosure, reorganization options, bankruptcy and related litigation. Law firms must also enter into a limited retention agreement. The Limited Retention Agreement recognizes and reflects a joint attorney-client relationship between the law firm, Fannie Mae, and the Service Provider. It will also provide that it will be checked in the event of contradictory provisions in an agreement between the law firm and the service provider.

The servicer can access the Restricted Retention Agreement form by logging into the password-protected portion of Fannie Mae`s website. Fannie Mae considers the form of limited retention agreements to be confidential and proprietary information, and the service provider must treat the forms in accordance with this classification. Within 15 business days of filing Form 200, Fannie Mae expects to be able to issue a “no objection”, an “objection” decision or request additional information for each Form 200 filed. Make sure Special Counsel Fannie Mae keeps abreast of the progress of cases handled by the law firm. Conduct appropriate due diligence to assess whether the law firm meets Fannie Mae`s minimum requirements as described in F-2-04, Minimum Firm Requirements. The following table lists the tasks of the service provider in the selection of law firms. File a Form 200 for each jurisdiction for which the service provider wishes to retain the services of a law firm if the law firm operates in more than one jurisdiction. ==External links==Employees of the Department of Housing and Urban Development received the 2021 Samuel J. Heyman Service to America Medals on Thursday. must notify Fannie Mae`s legal department in writing by email five business days in advance (see F-4-03, Contact List), and the service provider cannot rely on another service provider to have already filed Form 200 in respect of a law firm and received a “no objection” decision.

All law firms that receive a “no objection” provision from Fannie Mae must complete a new Fannie Mae Law Firm Training. Law firms only need to take this training once, regardless of the number of service providers that select and hire the firm. chooses to leave Legacy Matters to a law firm that does not select and retain it in accordance with applicable guidelines Maintains documentation that demonstrates its selection process for law firms, including how law firms determine that a law firm does not meet the minimum requirements, or ensure that they or the special advocate has the law firm that has been seized, regularly updated bankruptcy or eviction issues have been initially referred based on the status of the case for which the special investigator has been appointed. .

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