Freddie Mac and Fannie Mae issue updates for Vacant Property Registration (VPR) compliance requirements with Chicago Ordinance
Update: Freddie Mac issued a statement for all servicers regarding the Chicago Vacant Property Registration Ordinance, that servicers of their loans “must voluntarily register vacant properties with the City,” with the caveat that as of May 12, servicers “must no longer pay any fees associated with the registration of a vacant property security a Mortgage that is owned or guaranteed by Freddie Mac.”
Fannie Mae had a similar release regarding code enforcement, in that “failure to adhere to these submission requirements may result in
Fannie Mae’s denying the request or assessing a late submission compensatory fee.”
Neither Fannie Mae nor Freddie Mac will reimburse any expenses due to code violation fines imposed by the City management for failure to comply with the Ordinance.
The full statement for Freddie Mac can be found at: http://www.pfic.com/wp-content/uploads/2014/05/FHLMC-Bulletin-2014-7.pdf
The full statement for Fannie Mae can be found at: http://www.pfic.com/wp-content/uploads/2014/05/Fannie-Mae-Lender-Letter-LL-2014-03.pdf
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