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Fannie Mae notifies borrowers of their mortgage loan servicers

If you have received a Notification of Assignment, Sale or Transfer of Your Mortgage Loan letter from Fannie Mae, they are notifying you that they have purchased or securitized your mortgage loan and have designated Bank of Hawaii as your mortgage loan servicer.  If you mail in your payments please continue sending those directly to Bank of Hawaii.  Any checks you send to Fannie Mae will not be processed and in turn may result in late charges.

Bank of Hawaii is pleased to be your mortgage loan servicer and should you have any questions on your mortgage loan, please contact us at 1-888-643-3888, ext. 81.

Fannie Mae is providing this notification to you in support of President Obama’s Helping Families Save Their Homes Act of 2009.  The following is excerpted from the Fannie Mae Lender Letter 05-2009 dated June 16, 2009, for additional information on this notification.

New Notice of Transfer of Mortgage Loan Ownership:

On May 20, 2009, President Obama signed into law the Helping Families Save Their Homes Act of 2009 (the “Act”) which, among other things, amends the Truth in Lending Act.  The Act requires that borrowers be notified when their mortgage debt has been sold, transferred, or assigned to a new creditor.  The notice must be provided within 30 days of the sale, transfer, or assignment, and must include information about the new creditor, the date of transfer, how to reach a party having authority to act on behalf of the new creditor, and recordation of the debt.  Although Fannie Mae is not a creditor under the Truth in Lending Act, after consultation with its regulator, the Federal Housing Finance Agency, Fannie Mae has elected to provide the notice to borrowers when it purchases or securitizes a mortgage loan.