Fannie and Freddie to Phase Out Designated Counsel Program

New requirements for managing
legal services to be developed

The Federal Housing Finance Agency (FHFA) directed Freddie Mac and Fannie Mae to phase-out our existing Designated Counsel Program and Retained Attorney Network, respectively, and work together to develop and implement consistent requirements, policies, and processes for managing default and foreclosure-related legal services. There are no immediate changes to the Freddie Mac Designated Counsel Program.

Freddie Mac and Fannie Mae will adopt uniform standards for Servicers and law firms providing default and foreclosure-related legal services. Time frames for completion of these activities or implementation of future changes have not been established. Input from interested parties has not been solicited yet, but is expected to be. UTA will provide comment at that time.

Read Freddie Mac Statement