Fannie Mae SVC-2013-25 Bankruptcy and Foreclosure Attorney Fees
On December 11, Fannie Mae released an update titled Servicing Announcement SVC-2013-25: Bankruptcy and Foreclosure Attorney Fees and Other Reimbursable Expenses, as well as additional updates.
Announcement SVC-2013-25: Bankruptcy and Foreclosure Attorney Fees and Other Reimbursable Expenses
This Announcement updates policies regarding allowable bankruptcy and foreclosure attorney fees and other reimbursable expenses related to bankruptcy and foreclosure matters. Both the Allowable Bankruptcy Attorney Fees exhibit and the Allowable Foreclosure Attorney Fees exhibit have been updated on Fannie Mae’s Business Portal.
SURF System Outage on Dec. 20 Due to Technical Upgrade
The Servicer’s Reconciliation Facility (SURF™) is scheduled for a technical upgrade. Effective Dec. 20, 2013, a file size limit of 150 MB will be imposed on all upload files to SURF. Upload files larger than 150 MB will not be processed; please break the file down to smaller files to re-upload in SURF. With this upgrade, SURF will be unavailable from 2 p.m. ET through 10 p.m. on Friday, Dec. 20. The application is expected to be available as normal on Saturday, Dec. 21. Please contact your Investor Reporting Business Analyst if you have any questions.
Uniform Mortgage Servicing Dataset – Status Update
At the end of 2012, Fannie Mae and Freddie Mac (the GSEs) communicated that, at the direction of our regulator, the Federal Housing Finance Agency (FHFA), we are working together to develop industry-wide servicing data standards called the Uniform Mortgage Servicing Dataset (UMSD). We listened to your input about the UMSD implementation and understand the numerous priorities you’re currently addressing. Due to these priorities, the GSEs will not publish a UMSD Phase 1 specification in 2013. As a result, servicers, vendors, and other industry participants do not need to take specific steps to prepare for the UMSD at this time. For more information review the UMSD Update.
A Closer Look at Qualified Mortgages
Big changes are coming for residential mortgage lenders starting next year. In this week’s Housing Industry Forum, the new Ability-to-Repay and qualified mortgage (QM) rules are explained, plus the changes Fannie Mae is making to eligibility standards as a result. Learn more, and tell us about your challenges, in the Housing Industry Forum.
Business Portal Search Enhancements Now Available
Starting this week, you’ll notice the addition of new site search features, such as:
- Search Suggestions to offer auto-filled suggestions when you begin typing a search term or phrase; and
- Did You Mean? to help correct misspellings and also guide you to the most appropriate information.
We’re listening to your feedback! This is part of on-going improvements to help you quickly find the information you need on the Business Portal website. Check it out today.
Reminder and Job Aid for Form 582, Lender Record Information
As a reminder, approved seller/servicers must promptly notify Fannie Mae of any changes in their staffing, principal purpose, activities, or facilities. The Form 582/Lender Record Information application is available 24 hours a day, except during a weekly maintenance window of 8 p.m. ET Sunday to 8 a.m. Monday. Review the job aid for the Form 582 application for guidance on entering updates at any time as well as submitting the required annual certification. Lenders that ended their fiscal year on Sept. 30, 2013 must submit their annual certification via Form 582 and their audited financial statements by Dec. 31, 2013.
Please click here to view the online release.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.