Fannie Mae: Servicing Guide Updates; Quarterly Compass; and More
June 21, 2017
Announcement SVC-2017-05: Servicing Guide Updates
The Fannie Mae Servicing Guide has been updated to simplify servicing and enhance the way servicers work with us. These changes:
- Reduce post-foreclosure risks and costs by making Fannie Mae, instead of servicers, responsible for the payment of tax assessments for REO properties in all states.
- Streamline processes by allowing servicers to leverage the Flex Modification recordation requirements in advance of Flex Modification program implementation and by accepting electronically notarized mortgage loan modifications.
- Simplify short sale processing by having Fannie Mae provide all list price guidance and negotiations with real estate agents through the HomePath® Short Sales program instead of the lender serving as the intermediary.
- Clarify servicer responsibilities for mortgage loan recordings and reimbursement fees.
- Enhance servicer performance ratings by removing the 30-, 60-, 90+- day delinquency and REO metric. Instead, servicers are rated based on how well they prevent credit losses.
Read the Announcement for details on these and other changes.
For a summary of key updates in this Servicing Guide Announcement, view the video presented by Jenise Hight, Director of Servicing Policy.
Get up to speed with the new Quarterly Compass
Where else can you catch up on quarterly news and timelines related to Fannie Mae technology, policy, training opportunities, and more? Look no further than the Quarterly Compass, bringing you the best of Q2 and previews for the remainder of this year.
New field in LoanSphere Invoicing simplifies expense reimbursement
We’re enhancing our expense reimbursement application, LoanSphere™ Invoicing, to include the new First Time Vacancy Date field. Effective July 10, servicers should begin populating the new field with the property’s vacancy date, which is required for the reimbursement of most property preservation expenses. The new field will eliminate the need for servicers to note the vacancy date in the description or comments fields. The Servicer Expense Reimbursement job aid will be updated and available on our website the week of implementation.
Updates to all Excess Fee AAA matrices
We have updated AAA matrices for all 54 jurisdictions to include a revised fee for a Motion to Dismiss foreclosure. Additionally, the Washington AAA Matrix has been updated to include revised mediation fees. To view the updated matrices, visit the Excess Attorney Fee/Cost Guidelines page.
Comment on the proposed Underserved Markets Plan
Our proposed Underserved Markets Plan, required under the Duty to Serve rule, remains available for review and public comment. The public input period on our proposed Plan ends July 10, 2017. See fanniemae.com/DutytoServe for important information and resources, including links to our proposed Plan and instructions for submitting feedback on the Federal Housing Finance Agency’s website, plus helpful FAQs, video, and more.
Homeownership education is evolving and it’s good for business
In a new Perspectives blog, Mike Hernandez, Vice President of Housing Access and Affordable Housing Initiatives, discusses how homeownership education and housing counseling can help bridge the consumer knowledge gap, smooth the process for lenders, and support efforts to expand sustainable homeownership. Mike says, “As we celebrate National Homeownership Month, let’s spread the word that homeownership education and housing counseling are evolving to meet borrower needs and that they support all of our efforts to make homeownership sustainable.”
Join us at these events:
June 21-22 | Florida MBA 64th Annual Convention | St. Petersburg
June 29-30 | MBA of Hawaii Annual State Conference | Honolulu
July 19-21 | 45th Annual Western Secondary Market Conference | San Francisco
View all events.
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Here are some reasons our researchers discovered the decline in young-adult #homeownership:
Source: Fannie Mae