Fannie Mae has been developing the Know Your Options Customer Care program for approximately one year and is already implementing it with 18 of its largest servicers. One of the key elements of the program is creating a single point of contact in the call center for each customer to ensure that rapport is built with the homeowner regular contact is maintained through the loss mitigation process and that foreclosure prevention options are properly presented and pursued. Servicers that have participated in the program have typically seen 20-30 percent increases in workouts. The training is now being made available through online webinars and program materials so all servicers may participate and implement Know Your Options Customer Care. The program is available free of charge to servicers.
In addition to Know Your Options Customer Care Fannie Mae reports taking a number of steps to help prevent foreclosures including:
Launching the KnowYourOptions.com website to provide educational tools and resources for homeowners
Opening 12 Mortgage Help Centers in areas hardest hit by the housing crisis to provide individual assistance to Fannie Mae homeowners
Implementing the Servicing Alignment Initiative with the Federal Housing Finance Agency and Freddie Mac to require early outreach by servicers to struggling homeowners
Requiring servicers to reduce timelines for short sales
Developing and implementing the Servicing Total Achievement and Rewards (STAR) program to evaluate and motivate servicers' performance in helping homeowners
For more information visit knowyouroptions.com.