Fannie Mae RVS-2015-01 Reverse Mortgage Loan Servicing Manual
On March 25, Fannie Mae issued Servicing Guide Announcement RVS-2015-01, subtitled Reverse Mortgage Loan Servicing Manual.
Servicing Guide Announcement RVS-2015-01
Reverse Mortgage Loan Servicing Manual
Fannie Mae is updating its policies and requirements in the Reverse Mortgage Loan Servicing Manual (Reverse Manual) 5-01, Submitting the REOgram and 6.1-01, Reporting Specific Transactions to require the servicer to report a valid eBoutique Action Code within 24 hours after the date of a foreclosure sale or the execution of a deed-in-lieu of foreclosure for all reverse mortgage loans.
Additionally, Reverse Manual 5-05, Property Management and 5-06, Submitting Special Remittances (formerly 5-02, Submitting Special Remittances) have been updated as follows:
- Clarifies the servicer’s responsibilities regarding Home Keeper mortgage loans with respect to the hazard insurance; and
- For home equity conversion mortgages (HECMs),requires the servicer to place an REO hazard insurance policy upon completion of the foreclosure sale and outlines the servicer’s responsibilities regarding:
- Documentation of REO hazard insurance claims;
- Cancellation of the REO hazard insurance policy;
- Reimbursement of REO hazard insurance premiums; and
- Remittance of insurance loss proceeds.
Policy Change Effective Date
The servicer is encouraged to implement these policy changes immediately; however, the servicer must implement these policy changes no later than April 1, 2015.
Date of Servicing Guide Update
The content as shown in this Announcement will be reflected in the April 2015 update of the Reverse Manual.
The servicer should contact its Reverse Mortgage Loan Servicing Representative in Fannie Mae’s National Servicing Organization’s Servicer Support Center at 1-888-FANNIE5 (1-888-326-6435) with any questions regarding this Announcement.
Credit Portfolio Management
Please click here to view the announcement online.
Safeguard Properties is the mortgage field services industry leader, preserving vacant and foreclosed properties across the U.S., Puerto Rico, Virgin Islands and Guam. Founded in 1990 by Robert Klein and headquartered in Cleveland, Ohio, Safeguard provides the highest quality service to our clients by leveraging innovative technologies and proactively developing industry best practices and quality control procedures. Consistent with Safeguard’s values and mission, we are an active supporter of hundreds of charitable efforts across the country. Annually, Safeguard gives back to communities in partnership with our employees, vendors and clients. We also are dedicated to working with community leaders and officials to eliminate blight and stabilize neighborhoods. Safeguard is dedicated to preserving today and protecting tomorrow. Website: www.safeguardproperties.com.