Fannie Mae: Announcement SVC-2018-08: Servicing Guide Updates
Updated 11/15/18: Fannie Mae issued the following correction to Servicing Guide Announcement SVC-2018-08:
On November 14, 2018, Servicing Guide Announcement SVC-2018-08 provided an update that allows servicers to order initial property inspections on the 60th day of delinquency instead of the 45th day when certain requirements are met. The announcement originally stated that the effective date was Jan. 1, 2019; however, the effective date is March 1, 2019.
Link to updated announcement
November 14, 2018
Source: Fannie Mae
The Fannie Mae Servicing Guide has been updated with changes that:
Simplify short sale and Mortgage Release™ requirements by aligning eligibility criteria and streamlining documentation requirements.
Extend the amount of time for servicers to make outbound call attempts and to send breach letters to delinquent borrowers.
Allow servicers to order initial property inspections on the 60th day of delinquency instead of the 45th day, when certain requirements are met.
Read about these and other miscellaneous updates in Servicing Guide Announcement SVC-2018-08 and the executive overview from Carlos Perez, Chief Credit Officer for Single-Family. View the executive perspectives video presented by Jenise Hight, Director, Servicing & Expense Policy.
Simplified short sale and Mortgage Release requirements
We’re helping more borrowers avoid foreclosure by simplifying and aligning our short sale and Mortgage Release requirements. These changes bring more transparency to the evaluation process, eliminate promissory notes, expand streamlined documentation, and more. View Servicing Guide Announcement SVC-2018-08 for more details.
Fannie Mae holiday moratorium for eviction lockouts
We will suspend eviction lockouts of foreclosed single-family properties from Dec. 17, 2018, through Jan. 2, 2019. During the holiday season, legal and administrative proceedings for evictions may continue, but families will be allowed to remain in their homes during this moratorium. All guidance related to disaster relief in hurricane-affected areas remains in effect, and servicers and law firms should continue to follow the disaster-related guidance. For more information, contact your account team or portfolio manager, call the Servicing Support Center (1-800-2FANNIE), or email email@example.com.
Join us at these upcoming events:
Nov. 27-28 | MBA Summit on Diversity and Inclusion 2018 | Washington, DC
Jan. 28-31 | MBA Independent Mortgage Bankers Conference 2019 | San Francisco
Feb. 25-28 | MBA National Mortgage Servicing Conference & Expo | Orlando
View more events.
Lenders say an #eMortgage saves time and money. “The company recouped the cost it spent to implement a digital closing process in just three months.” Jeff Bode, President and CEO of Mid America Mortgage. Visit http://emortgage.fanniemae.com to start delivering eMortgages today!