how to become fannie mae approved attorney

The servicer must submit a Servicer Selection Form (Form 200) to Fannie Mae for each law firm it wishes to retain to provide default-related legal services for Fannie Mae mortgage loans. By submitting Form 200, the servicer certifies the law firm’s satisfaction of Fannie Mae’s minimum requirements and other certain required disclosures.

Full Answer

How do I become a supplier to Fannie Mae?

Dec 08, 2021 · Collect data from the law firm. Conduct appropriate due diligence to evaluate whether the law firm meets Fannie Mae's minimum requirements as described in F-2-04, Firm Minimum Requirements. Maintain documentation evidencing its law firm selection process, including how law firms are. solicited, evaluated, and.

When is Fannie Mae approval required for attorney fees?

Eligibility To be approved by Fannie Mae to sell and/or service residential first lien mortgage loans, a seller/servicer must, at a minimum: Have as its principal business purpose the origination, selling, and/or servicing of residential mortgages for a

What is the Attorney authorization approval matrix (AAA)?

Feb 09, 2022 · A firm must have one or more lead attorney(s) for Fannie Mae matters with at least five years’ experience in handling default-related and REO-related litigation in the jurisdiction. The firm’s partner(s) or managing attorney(s) may act as the lead attorney for Fannie Mae matters.

To become a Fannie Mae multifamily lender, you must

Demonstrate that the senior management team has significant experience in origination, underwriting and servicing of multifamily mortgage loans that comply with Fannie Mae underwriting requirements and risk tolerance, and contribute to the strategic objectives and mission of Fannie Mae.

In addition, your organization must at the time of approval and on an ongoing basis

minimum net worth acceptable to Fannie Mae or an explicit guaranty of your loss sharing obligations from an investment grade rated affiliate entity;