Fannie Mae Single Family Servicing News: New Line Items Available in LoanSphere Invoicing
August 31, 2016
New Line Items Available in LoanSphere Invoicing
As outlined in the updated Servicer Expense Reimbursement Line Items in LoanSphere Invoicing™ posted on August 24, Fannie Mae Expense Reimbursement has added new line items to the available list of line items in LoanSphere Invoicing™. The line items are
- General Servicers Category 20
- Subcategory 160: Escrow/Refund Provided in Error: This line item should only be used if the Servicer provided an Escrow Balance or a Refund in error and is requesting to be reimbursed.
- Subcategory 159: FHA/VA/Rural HUD Reimbursement: This line item should be used if directed by a Fannie Mae representative to request payment for expenses associated with a FHA, VA, or RURAL loan. Expenses submitted on this line item will require pre-authorization by Fannie Mae.
- Subcategory 161: Third Party Sales Reimbursement: This line item should only be used if directed by a Fannie Mae representative to request payment for expenses associated with a Third Party Sale. Expenses submitted on this line item will require pre-authorization by Fannie Mae.
- Recording Costs Category 45
- Subcategory 811: Mortgage Tax: This line item is used for mortgage taxes on a completed loan modification only in the States of Alabama, Florida, Kansas, Oklahoma, Minnesota, New York, and Tennessee.
In addition to the general services line items, new expense line items are available for reoccurring property inspections and monthly utilities. These new line items require the Servicer to enter in a Service From date and a Service To date. Specific details for these line items are available in the Servicer Expense Reimbursement Job Aid on the Fannie Mae business website.
Help Borrowers Exit Gracefully Through Short Sale or Mortgage Release
Our new on demand course focuses on best practices for having that difficult conversation with a customer who may not be eligible for retention solutions. Learn how to discuss the benefits of a graceful exit solution, such as short sale or Mortgage Release™, with your customers to allow them to transition from the property and avoid foreclosure.
AAA Matrices Updated for Several States
The Attorney Authorization Approval (AAA) Matrices for Arizona, California, Nevada, Ohio, and Washington have been updated to clarify Fannie Mae’s foreclosure related title costs guidelines. The Allowable Title Cost for Fannie Mae Foreclosures document has also been updated on the Fannie Mae business website to reflect the updates for these states. These documents are available for servicers who have access using their valid user ID and password. If you need access, contact your Technology Manager Administrator.
Access Message Manager Reports in Fannie Mae Connect
On August 29, 2016, nine Selling and Servicing reports were migrated to Fannie Mae Connect™ from Message Manager. The transition of these reports is part of a larger effort to centralize reporting, and to retire Message Manager in late October 2016.
More information on the Message Manager report transition is provided in the Fannie Mae Connect Implementation Notification.
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Source: Fannie Mae