""Fannie Mae"":http://www.fanniemae.com/portal/index.html is now offering a program to help prevent foreclosures by enabling better relationships between servicers and homeowners, the GSE announced Monday.[IMAGE]
The ""program"":http://www.knowyouroptions.com/, dubbed ""Know Your Options Customer Care,"" is a customer engagement strategy and training program for servicers. Fannie Mae will conduct training sessions for servicer call center employees, provide scripting for homeowner interaction, and help implement ongoing quality control measures.
The Know Your Options Customer Care program is the result of approximately one year of development, and Fannie Mae is already implementing the program with 18 of its largest servicers. One key component of the program is to create a single point of contact in the call center for each customer to ensure that a relationship can be built between the homeowner and their servicer representative. A single point of contact can also help ensure that foreclosure prevention options are properly presented.
Participating servicers report 20-30 percent increases in workouts.
""What we've learned through the housing crisis is that if everybody takes the responsibility to work together and act early, then we can prevent foreclosures and keep families in their homes in many cases,"" said Leslie Peeler, SVP of Fannie Mae's National Servicing Organization. ""We want our servicers to be trusted counselors to their customers, from attentively collecting documents to advising them of their options and guiding them through the process.""
In addition to the new program, the GSE is taking other steps to help prevent foreclosures, including launching a new website built to provide educational tools and resources for homeowners, implementing a Servicing Alignment Initiative with FHFA and Freddie Mac to require early outreach to struggling homeowners, requiring reduced timelines for short sales, and opening 12 new Mortgage Help Centers in hard-hit areas to provide individual assistance to Fannie Mae homeowners.
Fannie Mae is also developing and implementing the Servicing Total Achievement and Rewards (STAR) program designed to evaluate and motivate servicers' performance in helping homeowners.
""Everybody wins when we can prevent foreclosure: The servicer, Fannie Mae, and most importantly, the homeowner and their community,"" said Peeler.