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FNMA Ann. 2010-02: Update to Imminent Default Guidance for Mortgage Loans Evaluated

Fannie Mae Announcement 2010-02 introduces the use of Freddie Mac's Imminent Default IndicatorTM (IDI) through Fannie Mae's HomeSaver Solutions® Network (HSSN), requires the use of verified income documentation before entering the borrower into a trial period plan, and changes the amount of maximum cash reserves that are allowed in the imminent default screen as outlined in Announcement 09-05RIn addition, Announcement 09-05R instructed servicers to use the imminent default screen to evaluate borrowers who are current or less than 30 days delinquent.  Fannie Mae is changing the requirement for the imminent default screen to require an imminent default evaluation for all borrowers that are either current or in default but less than 60 days delinquent.  This policy change achieves consistency in the treatment of Fannie Mae loans with the treatment of non-GSE loans under the Treasury Department's Supplemental Directive 09-01.

IDI is a statistical model that predicts the likelihood of default or serious delinquency for mortgage loans that are less than 60 days past due.

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