Fannie Mae: Servicer Expense Reimbursement Job Aid Updated
On July 15, Fannie Mae announced an update to the Servicer Expense Reimbursement Job Aid. The job aid provides operational instructions based on servicing policies.
Servicer Expense Reimbursement Job Aid Updated
The Servicer Expense Reimbursement Job Aid has been updated and posted to the business portal. This job aid provides operational instructions based on servicing policies. Servicers are expected to review and comply with the information outlined in the job aid. Also, the servicer must always refer to Fannie Mae Servicing Guide F-1-06, Expense Reimbursement, to determine how to obtain reimbursement from Fannie Mae and to determine what is eligible for reimbursement. Specific updates to the job aid include:
- New Jersey Vacancy Property Inspections for Expedited Foreclosure Actions: A one-time reimbursement in excess of the allowable property inspection fees will be allowed for a vacancy property inspection in the State of New Jersey provided the inspection was conducted for purposes of the expedited foreclosure process for vacant or abandoned properties and provided certain requirements are met on the expense reimbursement claim.
- Property Insurance Reimbursement Requirements: Effective Oct. 1, 2015, servicers must provide supporting documentation for all property (hazard) and flood insurance expense reimbursement claims.
- Non-Recoverable Advances
- Fannie Mae does not reimburse servicers for recoverable advances that a servicer fails to collect.
- Servicers submitting requests for reimbursement of non-recoverable advances must include a comment on the claim stating that the expense was determined to be legally non-recoverable.
- Property Preservation Expenses: Effective Sep. 1, 2015, claims submitted for property preservation expenses, such as property inspections, cleaning, landscaping, and maintenance, should follow the requirements as outlined in the Expense Reimbursement Job Aid. After this date, expenses that are not itemized with a completed date may be rejected.
- Taxes: Servicers must submit supporting documentation (taxing authority or third party vendor invoice) for all tax reimbursements.
Reminder: All claims submitted more than 30 days after the disposition event date will be denied for late filing.
Please click here to view the Servicer Expense Reimbursment Job Aid [pdf].
About Safeguard
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.
