Mortgage Default Counsel Retention Agreement
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 under the due diligence procedure, the service provider must notify the registry that it has not been selected. Information about law firms that are not selected and retained by the service provider must be retained for an extended period of shelf life applicable to the service provider or for seven years. Tell Fannie Mae that the special adviser will remain. Law firms must also execute a limited storage contract. The limited retention agreement recognizes and reflects a common solicitor-client relationship between the law firm Fannie Mae and the Servicer. It also provides that it monitors whether an agreement between the registry and the service provider contains conflicting provisions. The service can access the form of the restricted storage contract by registering in the password-protected part of the Fannie Mae site. Fannie Mae considers the form of limited retention agreements to be confidential and protected information, and the service must process forms that correspond to this classification. The department is responsible for selecting qualified and experienced law firms for all legal orders that deal with The Legal Services related to Fannie Mae mortgages. Standard legal services include enforced enforcement, training options, bankruptcy and related litigation. In order to reduce the risk resulting from the concentration of legal work related to Fannie Mae mortgages, the service provider must select and retain an appropriate number of law firms for each jurisdiction. From time to time, duty officers retain the advice to represent Fannie Mae and/or the Servicer at their own expense, in accordance with their obligations of compensation to Fannie Mae (special advisor). Special Counsel, retained and paid by the services in accordance with their obligations to compensate Fannie Mae, must not be selected and retained in accordance with the guidelines described in A4-2.2-01, Selecting and Retaining Law Firms.
The following table describes the supplier`s requirements when retaining the special advisor. Note: Information about law firms selected and retained by the service provider must be retained as long as the law firm provides legal services relating to Fannie Mae mortgages and, subsequently, for the longer shelf life period that applies to the service provider or seven years. is responsible for managing and monitoring the firm`s performance and compliance in accordance with the requirements of Fannie Mae`s current standard legal service structure. Fannie Mae does not allow direct transfers of Fannie Mae mortgages to agents for foreclosures in any country. The service must submit a service selection form (form 200) to Fannie Mae for each law firm it wishes to retain to provide legal services related to the fannie Mae mortgage default. By submitting Form 200, the registry service provider certifies the firm`s satisfaction pending on Fannie Mae`s minimum requirements and other specific information. Form 200 must be notified to Fannie Mae`s SF-CPM department (see F-4-03, contact list). Inform the law firm that it must participate in Fannie Mae`s training and sign a limited storage contract with Fannie Mae to obtain the right to Fannie Mae mortgage transfers.