Fannie Mae Releases Property Valuation Update, 2014 Investor Calendar
On January 8, Fannie Mae released a servicing notice regarding property valuations. Also in January, Fannie Mae released its 2014 Investor Reporting and Remitting Calendar.
Link to 2014 Investor Calendar. Following is the aforementioned servicing notice.
Announcement SVC-2013-06, Miscellaneous Servicing Policy Updates, introduced the requirement for servicers to place all valuation orders directly with Fannie Mae to determine the market value of property for short sales and, if required by Fannie Mae or a mortgage insurer, for Mortgage Releases™ and foreclosure sale bidding instructions. This valuation ordering process should not be used in conjunction with mortgage loan modifications.
As a reminder, for mortgage loan modifications, the servicer must obtain a property valuation using Fannie Mae’s Automated Property Service™ (APS for NPV), Freddie Mac’s automated valuation model (AVM), or a third-party AVM, provided that the APS or other AVM renders a reliable confidence score (as stated in Part VII, Section 602.02.03: Property Valuation, of the Servicing Guide). If the APS or AVM does not render a reliable score or if required by applicable state law, the servicer must obtain its own property valuation using a BPO or an appraisal.
Please click here to view the online notice.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.