Fannie Mae: Announcement SVC-2017-03: Servicing Guide Updates
April 12, 2017
Announcement SVC-2017-03: Servicing Guide Updates
The Fannie Mae Servicing Guide has been updated to increase the efficiency of your servicing activities. These changes:
- Bring simplicity to our fee processing requirements by updating Servicing Guide B-5-01, Insured Loss Events, via:
- Instruction to servicers to refuse borrower payments to public adjusters or third parties from insurance loss proceeds;
- Revision of the time frame in which servicers must submit Form 176, Report of Property Insurance Loss, to Fannie Mae; and
- Incorporation of all Form 176 requirements from Servicing Guide F-1-2, Escrow, Taxes, Assessments, and Insurance into Servicing Guide B-5-01.
- Manage risk by instructing servicers to gain approval from Fannie Mae prior to engaging in arrangements with outsourcing companies or third-party vendors.
- Provide consistent policy that clarifies that the maximum allowable foreclosure attorney fees apply for the life of the default.
- Respond to industry feedback to increase the limits of property preservation repair descriptions and expenses to include clearboarding.
- And more.
AAA matrix updates
We have updated the AAA matrix for Vermont to reflect a change in the excess fee assigned for completion of a Sale Attendance. An excess fee request is necessary only if the foreclosure case closed before December 14, 2016. If the case was still active as of that date, Sale Attendance is included in the updated foreclosure allowable fee. To view the updated matrix, visit the Excess Attorney Fee/Cost Guidelines page.
Improve the customer experience with our dynamic solutions: Visit us at MBA Secondary
Visit us at MBA’s National Secondary Market Conference & Expo, April 30-May 3, in the Manhattan Ballroom, 8th floor. Let’s talk about how Day 1 Certainty and Simplifying Servicing™ help you save time, cut costs, and improve your customer’s experience. Stop by and give us your feedback. We’re listening and constantly innovating to create dynamic solutions that work for you.
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Last chance to attend an investor reporting webinar
It’s not too late, one webinar remains. Learn more about Fannie Mae’s recent changes to investor reporting (hot topics and best practices) by attending a live webinar on Thursday, April 20, at 2 p.m. ET. Visit the Changes to Investor Reporting page to register and to find additional resources.
Spanish language resources support servicer outreach
Spanish-speaking borrowers represent one of the fastest-growing segments of the mortgage market. To help servicers work with Spanish-speaking borrowers, we have consolidated Spanish/English loan servicing documents. Available documents include Spanish translations of routine servicing documents as well as borrower notices related to delinquencies, modifications, and foreclosure alternatives. Access the documents on the Spanish Language Resources for Servicers page.
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Source: Fannie Mae