Fannie Mae: Announcement SVC-2018-01: Servicing Guide Updates
February 14, 2018
The Fannie Mae Servicing Guide has been updated with changes that:
- Identify the conditions in which Fannie Mae will approve a first lien charge-off and lien release for delinquent first lien mortgage loans to help maintain neighborhood conditions and home prices.
- Remove the requirement for servicers to include a Social Security number in REOgram or non-delegated workout submission to protect sensitive borrower data.
- Streamline the Selling and Servicing Guides by removing certain topics from Servicing Guide Part A pertaining to compliance with laws and responsible, questionable, and prohibited lender practices. These topics will be updated and included in the Selling Guide on Feb. 27.
For a summary of key updates in Servicing Guide Announcement SVC-2018-01, view the executive perspectives video presented by Jenise Hight, Director of Servicing Policy, and the executive overview from Carlos Perez, Chief Credit Officer for Single-Family.
New Disaster Relief FAQs
The Disaster Relief – Single-Family Selling/Servicing Frequently Asked Questions (FAQs) have been updated to provide information for servicers when reviewing a borrower for a Fannie Mae disaster mortgage loan modification. New topics include:
- Clarifying when to re-amortize the loan for a Fannie Mae Extend Modification for Disaster Relief.
- Determining the terms for a Fannie Mae Cap and Extend Modification for Disaster Relief when the pre-disaster payment is achieved before the servicer has extended the term.
- Addressing that a borrower’s failure of a Trial Period Plan, or permanent modification, for a Fannie Mae Cap and Extend Modification for Disaster Relief or Extend Modification for Disaster Relief, does not count as a prior modification in the context of eligibility for a Flex Modification.
Visit our Assistance in Disasters page to find more resources for helping borrowers in disaster areas.
See how we’re Simplifying Servicing. Together.
Building on our promise to bring simplicity and certainty to servicing, during last week’s MBA National Mortgage Servicing Conference & Expo, we shared how we are delivering streamlined and value-driven servicing solutions. Missed us at the conference? Check out the Simplifying Servicing website for details on our innovative solutions for near real-time access to master servicing data, a one and done approach to claims processing, and more.
Enhancements to SMDU coming this weekend
This weekend, Fannie Mae will implement enhancements to Servicing Management Default Underwriter™ (SMDU™). Please refer to the release notes for more information. As a reminder, to implement this release, SMDU will be unavailable to process transactions from 10 p.m. ET on Friday, Feb. 16 until 3 p.m. ET on Saturday, Feb. 17. If you have questions about this release, please contact your Fannie Mae Servicing Account Manager.
Join us at these upcoming events:
Feb. 24-28 | American Bankers Association National Conference for Community Bankers | Honolulu
March 4-7 | Lenders One Winter Conference | Scottsdale, AZ
March 13-17 | ICBA Community Banking Live 2018 | Las Vegas
View more events.
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Source: Fannie Mae