Fannie Mae: Servicing Guide Is Updated; Servicer Expense Reimbursement Job Aid Updates; and More
April 11, 2018
Source: Fannie Mae
Announcement SVC-2018-03: Servicing Guide Updates
The Fannie Mae Servicing Guide has been updated with changes that:
- Remove the requirement for servicers to provide a welcome call for servicing transfers as long as borrowers receive timely and accurate information about the transfer. Servicers must remain in compliance with all applicable laws.
- Provide more flexibility for escrow shortages associated with loan modifications. Servicers now have the option to spread an escrow shortage over a period of up to 60 months, and may do so in any way that most benefits the borrower.
For a summary of key updates in Servicing Guide Announcement SVC-2018-03, view the executive perspectives video presented by Jenise Hight, Director of Servicing Policy, and the executive overview from Carlos Perez, Chief Credit Officer for Single-Family.
New information in the Servicer Expense Reimbursement Job Aid
The Non-Recoverable Advances section of the Servicer Expense Reimbursement Job Aid has been updated with information about the new Non-Recoverable indicator included in LoanSphere Invoicing™ 18.0. Visit the Servicer Expense Reimbursement page to view the updated job aid and other resources related to LoanSphere Invoicing.
Reverse Mortgage Loan Servicing Manual updates
The Reverse Mortgage Loan Servicing Manual has been updated to provide servicers more flexibility when submitting claims for reimbursement, require servicers to reconcile mortgage loan status codes on a monthly basis, and more. View the Reverse Mortgage Loan Servicing Manual Announcement RVS-2018-01 for more information.
Improve processes with servicer self-assessment
Check out this servicer self-assessment resource, another way Fannie Mae is Simplifying Servicing. You can use this resource to evaluate processes and procedures in key servicing areas — including investor reporting, loan administration, escrow administration, collections, and loss mitigation.
Join us at these upcoming events:
April 12-14 | National Association of Minority Mortgage Bankers of America Connect 2018 | Atlanta
April 15-18 | MBA Technology Solutions Conference & Expo | Detroit
April 29-May 1 | Texas MBA 102nd Annual Convention | San Antonio
View more events.
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