Fannie Mae Single Family Servicing News: Retirement of MyCity Modification and HAMP
October 13, 2016
Let’s start the MBA Annual 2016 conversation now!
Boston fans expect their teams to bring their A-games to the field every day. At the MBA’s Annual Convention & Expo 2016 on October 23-26 in historic Boston, we’re bringing ours. Stop by and visit us in the center of THE HUB. Learn about our new, innovative solutions that will make doing business simpler and more certain. You’ll also:
- Hear what Tim Mayopoulos, President and Chief Executive Officer (CEO), has to say about today’s mortgage market during A Conversation with GSE Leadership. (Monday, October 24, 11 a.m. to 12 p.m., Second Level Auditorium)
- Learn from Malloy Evans, Vice President, Single-Family Servicing and Making Home Affordable (MHA), about loss mitigation and foreclosure prevention offerings in One Mod, Life after HAMP. (Tuesday, October 25, 1:30 p.m. to 2:30 p.m., Third Level, Ballroom C)
- Find out about the opportunities, myths, and challenges lenders and investors face while Rebuilding the Affordable Lending Ecosystem from Jonathan Lawless, Vice President, Single-Family Product Development and Affordable Housing. Learn how to successfully rise to this challenge, and hear about non-traditional, scalable programs that may meet your needs. (Wednesday, October 26, 9 a.m. to 10:30 a.m., Third Level, Ballroom A)
We can’t wait to talk to you. In fact, we want to hear your thoughts on these topics, and more, right away. Join the conversation today on Twitter @FannieMae, and follow our #MBAAnnual16 updates.
MyCity Modification retirement
Servicers are reminded that, for the servicer to offer a Fannie Mae MyCity Modification Trial Period Plan, the first Trial Period Plan payment due date must be on or before December 1, 2016.
Fannie Mae HAMP retirement
Servicers are reminded that, for the servicer to offer a Trial Period Plan for a Fannie Mae HAMP Modification, the servicer’s evaluation must be based on the borrower’s submission of a complete BRP on or before December 30, 2016; and the Modification Effective Date must be on or before December 1, 2017.
Providing assistance to borrowers following a disaster
Lenders are reminded that Fannie Mae has selling and servicing policies to assist impacted borrowers (or potential borrowers) following a disaster, such as the recent hurricane on the Atlantic coast. Refer to Assistance in Disasters for information on where to find Fannie Mae’s policies for providing assistance to borrowers impacted by a disaster. View the press release.
Looking for information on working with a document custodian?
Fannie Mae requires all loans be certified by Fannie Mae-approved document custodians. A new tip sheet provides important guidance for lenders when working with their document custodian, including some specific tips for those who use Fannie Mae’s designated custodian, Bank of NY Mellon (BNYM). Learn about how to establish a custodian relationship, guidance on using BNYM’s WebDCS system, requests for exception clearing activities, how to avoid special processing of loans, and much more..
Enhancements to SF Form 1072 and MF Form 1055, Authorization for Automatic Transfer of Funds
Single-Family Form 1072 and Multifamily Form 1055, Authorization for Automatic Transfer of Funds, have been consolidated and updated to be more streamlined. This form is used to authorize Fannie Mae to initiate electronic debits and credits via Automated Clearing House (ACH) for direct deposit of funds owed to the lender or direct payment of funds owed to Fannie Mae. The form is effective immediately, and previous versions will not be accepted after November 30. Changes to the form simplify remittance options and include:
- Checkboxes at the top to indicate whether one is submitting SF Form 1072 or MF Form 1055.
- Separate option for MF DMBS-only requests.
- Identification of Master Servicer from Subservicer.
- SF customers can choose a different account for Buy-Ups and Buy-Downs separate from Guaranty Fees.
- Ability to electronically sign with an image of the signature.
Three HFI InDepth classes remaining for 2016
Do you have new hires or other employees who need to complete development goals by the end of the year? There are just three HFI™ Investor Reporting-related sessions left in 2016 and it’s not too late to register!
Fannie Mae’s Housing Finance Institute® series, HFI InDepth, offers training in custodial accounting and reconciling actual/actual loans. If you’re involved with investor reporting for your company, register for one of these HFI InDepth classes today:
You’ll learn tips for reporting on your loans and have access to an expert instructor to answer your questions.
All HFI InDepth courses provide:
- two hours of interactive, instructor-led training held in a virtual classroom,
- limited class sizes that maximize interaction and allow for individualized attention,
- access to recorded tutorials that prepare you with foundational knowledge prior to taking the course, and
- a certificate of completion.
Course details and class schedules are available on the Fannie Mae Training page. Sign up today!
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Home Purchase Sentiment Index drops. Fewer consumers say they expect mortgage rates to drop over the next 12 months:
Servicers, have questions about principal reduction? Check out this FAQ page:
Source: Fannie Mae