Fannie Mae: Servicing Guide Is Updated
March 14, 2017
Source: Fannie Mae
Announcement SVC-2018-02: Servicing Guide Updates
The Fannie Mae Servicing Guide has been updated with changes that:
- Revise HomeStyle® Renovation mortgage requirements by reinforcing servicer responsibilities related to contractor and subcontractor licenses, inspections, escrow closings, appraisals, and documentation. These changes align with Selling Guide Announcement SEL-2018-02.
- Increase the maximum allowable foreclosure attorney fees for several non-judicial states and update the fee for adjournment of foreclosure sales in Michigan to align with industry standards.
- Clarify the guidelines for servicers to make post-disaster monthly principal and interest (P&I) payments similar to post-disaster P&I payments under Fannie Mae’s Cap and Extend Modification for Disaster Relief.
For a summary of key updates in Servicing Guide Announcement SVC-2018-02, 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.
Line item updates in LoanSphere Invoicing
The LoanSphere Invoicing™ application, which allows servicers to submit qualified expenses for reimbursement, has been updated with new line items. For details, see the LoanSphere Invoicing Line Item Updates on the Servicer Expense Reimbursement page.
Join us at these upcoming events:
- March 18-21 | Capital Markets Cooperative Annual Summit | Miami
- March 19-21 | Ellie Mae Experience 2018 | Las Vegas
- March 20-22 | 2018 Tunica Manufactured Housing Show | Robinsonville, MS
View more events.
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