Fannie Mae: Servicing Guide Updates; SMDU Enhancements; and More
Source: Fannie Mae
Announcement SVC-2018-06: Servicing Guide updates
The Fannie Mae Servicing Guide has been updated with changes that:
- Transfer payment responsibility from servicers to Fannie Mae for co-op fees and assessments, and property taxes and ground rents, for all properties in Fannie Mae’s REO inventory.
- Reduce the complexity of Texas Section 50(a)(6) loan modifications under our Cap and Extend Modification for Disaster Relief policy when certain requirements are met.
- Clarify servicer requirements for servicing and subservicing transfers.
Read about these and other miscellaneous updates in Servicing Guide Announcement SVC-2018-06 and the executive overview from Carlos Perez, Chief Credit Officer for Single-Family. View the executive perspectives video presented by Mindi Hartman, Credit Risk Manager, Servicing & Expense Policy.
Enhancements to SMDU coming this weekend
This weekend, we will implement enhancements to Servicing Management Default Underwriter™ (SMDU™). SMDU will be unavailable to process transactions from Friday, Sept. 21 at 10 p.m. ET through Saturday, Sept. 22 at 11 a.m. ET. For more information, review the release notes that will be published on the SMDU page before the release, or contact your Fannie Mae Servicing Account Manager.
Ask Poli for SMDU
Beginning with this weekend’s SMDU release, users will have in-application access to Ask Poli™, Fannie Mae’s policy question search tool. Questions for both Fannie Mae servicing policy and the SMDU application are easily asked and answered by clicking on the floating Ask Poli widget on the bottom right side of the screen. Visit the Ask Poli page or use it in the SMDU UI next week!
Updates to the Servicer Expense Reimbursement Job Aid
The updated Servicer Expense Reimbursement Job Aid includes changes to the Servicer Expense Process Flow section, removal of the list of required documents at the time of claim submission, and updates to the pre- and post-payment review sections. Check out these updates plus modifications to existing expense information, the addition of new expenses to the list, and changes to the Helpful Information and FAQ sections in the job aid on the Servicer Expense Reimbursement page.
AAA matrix updates
We’ve updated the Hawaii and New Mexico AAA matrices to align with the revised Allowable Foreclosure Attorney Fees Exhibit, effective Sept. 18, and to update the Mediation Fees in New Mexico. To view the updated matrices, visit the Excess Attorney Fee/Cost Guidelines page.
Join us at these upcoming events:
Sept. 18-20 | 2018 Optimal Blue Client Conference | Plano, TX
Sept. 23-25 | MBA’s Risk Management, QA & Fraud Prevention Forum | Los Angeles
Sept. 23-25 | Pacific Northwest Mortgage Lenders Conference | Seattle
View more events.
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