Fannie Mae: AAA Matrix Update – March 2020
Investor Update
March 18, 2020
Source: Fannie Mae
All AAA matrices have been updated effective 3/18/2020. Below reflects a detailed list of updates made by jurisdiction. Please review the appropriate jurisdiction-specific AAA matrix for additional details.
All
• Added the following verbiage in the Pro Rata Fees and Milestone Invoicing section:
Updated prorated attorney fees and foreclosure milestone information were announced in Servicing Guide
Announcement (SVC-2020-01). Please reference Servicing Guide E-5-05 for specific information. Servicers are encouraged to implement these policy changes immediately but must do so for invoices law firms submit to servicers on or after June 1, 2020.
• Removed all Bankruptcy Standard Excess Fees for services rendered prior to 11/1/2013 from the following sections:
o Chapter 7 Reaffirmation Agreement
o Chapter 11/12 Proof of Claim (POC) & Plan Review
o Chapter 11/12 Motion for Relief (MFR)
o Chapter 12 Objection to Plan
• Removed Chapter 11 Objection to Plan and Chapter 11/12 Response to Motion to Value from the Standard Excess
Fees – Foreclosure and Bankruptcy section
• Updated the Maximum Fee verbiage for the Additional Pleadings Standard Excess Fee to reflect “$50/$250” in place of
“$50 – $250″to indicate that Fannie Mae will approve either $50 or $250 and not amounts in between
NOTE: There is a Maximum Fee of $400 for motions (only) filed on or after 01/01/2016 in New Jersey only.
• Replaced the existing verbiage in the Notes column for Title Search (Allowable Costs section) with the following:
The title product and any required updates must confirm title to the property and identify all parties that must receive notice of the foreclosure sale. Unless specified by Fannie Mae the initial title product must be an uninsured title search without additional charges for insurance or guarantees or a Limited Trustee’s Sale Guarantee.
The initial title search should not expire, and only eligible title updates will be reviewed for reimbursement.
The title search allowable cost is good for the life of default and resets once the prior default has been cured.
• Replaced the existing verbiage in the Notes column for Title Update (Standard Excess Costs – Foreclosure section) with
the following:
This cost covers an additional title update that is not already included in the allowable title cost*. The firm is required to provide the date(s) and reason(s) for the current request and all prior title updates.
*For referrals prior to 09/01/2018 the allowable title search cost includes all routine title updates.
*For referrals on or after 09/01/2018 the allowable title search cost includes the first 3 updates.
For full announcement, please click source link above.
