Fannie Mae: Get Ready for Flex Modification with Updated Job Aids
March 1, 2017
Get ready for Flex Modification with updated HSSN job aids
Servicers may choose to implement the Fannie Mae Flex Modification as early as today, March 1. We have updated the Home Saver Solutions Network (HSSN) job aids to provide HSSN Campaign IDs to support Flex Modification. Remember that servicers must begin evaluating borrowers for the Fannie Mae Flex Modification no later than October 1, 2017.
Reminder and clarification: Changes to Valuation Costs line items in LoanSphere Invoicing
As noted in last week’s Servicing News, we have added new Valuation Costs line items to the available list of line items in LoanSphere Invoicing™. These new line items require the date the valuation expense occurred be included upon submission of the claim. To clarify, these are operational updates, not policy changes.
The new line items are:
- Valuation Costs: Category 18
- Subcategory 903: Valuation – Appraisal
- Subcategory 904: Valuation – AVM Report
- Subcategory 905: Valuation – Broker’s Price Opinion
Effective April 23, 2017, the following line items will be deactivated and will no longer be available to servicers:
- Valuation Costs: Category 18
- Subcategory 4: Appraisal
- Subcategory 5: AVM Report
- Subcategory 810: Broker’s Price Opinion
For a complete list of servicer expense categories and subcategories available for conventional loans in LoanSphere Invoicing, refer to the Servicer Expense Reimbursement Line Items in LoanSphere Invoicing document.
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.
Moving forward with simplicity and certainty
If you’re attending the MBA’s Mid-Winter Housing Finance Conference, don’t miss hearing Fannie Mae President and CEO Tim Mayopoulos and Executive Vice President – Single-Family Business Andrew Bon Salle. They’ll be highlighting the work we’re doing to provide greater simplicity and certainty to our lenders and the industry. Mark your calendar for the dates and times below:
- Innovation in the Mortgage Marketplace, Friday, March 3, 8:30 a.m.
- A Fireside Chat with Tim Mayopoulos, Friday, March 3, 9:30 a.m.
Save time, reduce effort with HFI investor reporting training
Register today for our updated HFI® classes on investor reporting. You’ll learn tips for reporting on your loans, and have access to an expert instructor to answer your questions. Classes include:
- Bank vs. Book! Reconciling Actual/Actual Custodial Accounts
- Investor Reporting with Confidence: Best Practices for Reconciling Actual/Actual Loans
- The ABCs of Managing MBS Cash Flow for Fannie Mae
All HFI InDepth courses provide:
- Two hours of interactive, instructor-led training held in a virtual classroom
- Limited class sizes that maximize interaction and allow for individualized attention
- Access to recorded tutorials that prepare you with foundational knowledge prior to taking the course
- A certificate of completion
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Receive regular content updates by registering at The Home Story.
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Source: Fannie Mae