Fannie Mae: Simplified Expense Reimbursement and More
July 6, 2017
Simplified servicer responsibilities for post-foreclosure fees and taxes
As previously announced, we’ve simplified servicing by eliminating servicer responsibilities to pay for some homeowner/condo association fees and property taxes on properties acquired through foreclosure or Mortgage Release/Deed-in-lieu of foreclosure. Read the updated Servicer Expense Reimbursement Job Aid to find out how we’ve made it easier for servicers to get reimbursement from us. Refer to pages 12 and 14-15 to see the changes to homeowner/condo association fees and taxes, respectively. You can find more resources on the Servicer Expense Reimbursement page.
Coming July 31: 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 31, servicers must populate 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. Additional information is available in the Servicer Expense Reimbursement Job Aid on the Servicer Expense Reimbursement page. (Note: The original effective date for this change was July 10, but it has been moved to July 31.)
Slowing mortgage demand drives expected credit easing
According to our Mortgage Lender Sentiment Survey® (MLSS), expectations to ease credit standards climbed to survey highpoints in Q2 as more lenders reported slowing mortgage demand and increasing concerns about competition. The survey of senior executives at 184 lending institutions also showed that purchase mortgage demand reached its lowest point in years and refi mortgage demand is down. View the infographic and learn more.
Join us at these events:
July 19-21 | 45th Annual Western Secondary Market Conference | San Francisco
July 30-August 1 | Michigan Mortgage Lenders Association Annual Conference | Mt. Pleasant
August 6-9 | Lenders One Summer Conference | Minneapolis
View all events.
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Comment on our proposed Underserved Markets Plan by July 10. Visit http://bit.ly/2uuTqpJ to submit your comments. #DutyToServe
Take a look at @HousingWire’s interview w/our SF EVP Andrew Bon Salle on our evolution into a smart & agile company:
Source: Fannie Mae