Fannie Mae: Preforeclosure Clear Boarding Clarification
March 29, 2017
Need help with expense reimbursement? Check out the updated job aid
We’ve updated the Servicer Expense Reimbursement Job Aid, which provides operational instructions based on Servicing Guide policies. Updated topics include claim status, property preservation, required documentation, attorney fees and legal costs, property inspections, and changes to line items. Click here for a detailed list of all revised items and specifics about where the revisions were made. Visit the Servicer Expense Reimbursement page for additional training and resources.
Preforeclosure clear boarding clarifications
We released a new allowable for clear boarding on properties in preforeclosure and no longer accept plywood boards as an acceptable boarding solution on property windows. This clarification applies to properties in preforeclosure that secure a Fannie Mae loan (non-HECM). It does not apply to Fannie Mae’s REO properties. For more details, view Preforeclosure Clear Boarding Clarifications.
AAA matrix updates
We have updated the AAA matrix for Massachusetts to reflect a change in the excess fee assigned for completion of a 209 certification. 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, preparation of the 209 certification is included in the updated foreclosure allowable fee. To view the updated matrix, visit the Excess Attorney Fee/Cost Guidelines page.
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 6, at 2 p.m. ET. Register here and visit the Changes to Investor Reporting page for additional resources.
Looking for free loss mitigation training? Sign up for a live webinar
Did you know that Fannie Mae provides participating servicers with free loss mitigation training? Our Know Your Options™ Customer CARE (Connect, Assess, Resolve, and Execute) team will present two live webinars in April. Sign up to learn how to leverage your own servicer model to develop rapport and establish consultative customer relationships, communicate more effectively with borrowers about their options to avoid foreclosure, increase your workout percentage, and more. Register today.
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Source: Fannie Mae