Fannie Mae Asks Servicers To Protest Chicago Property Law

Law360, New York (April 13, 2012, 2:40 PM EDT) -- Fannie Mae on Wednesday ordered its Chicago-area mortgage servicers to file written protests of a local vacant property ordinance when sending in payments for fees required by the law, which the lender's conservator is fighting in federal court.

As part of the mortgage giant's updated expense reimbursement procedures, single-family servicers must clearly note that payments are being made under protest starting May 1 and, among other requirements, must also get preapproval from Fannie Mae for particularly large expenses associated with complying with the ordinance, according to...
To view the full article, register now.