Fannie Mae SVC-2014-03 Servicer Incentive Updates
On January 29, Fannie Mae released Servicing Guide Announcement SVC-2014-03, subtitled Servicer Incentive Updates.
Servicing Guide Announcement SVC-2014-03
Servicer Incentive Updates
This Announcement describes policy updates regarding servicer incentives for
- repayment plans and
- short sales and Mortgage Releases™.
Servicing Guide, Part VII, Section 404.01: Repayment Plan Incentive Fee; Section 604.07: Accounting and Reporting, and Section 606: Deeds-in-Lieu of Foreclosure
Fannie Mae is increasing the repayment plan incentive fee to $500 for each new and existing repayment plan that meets Fannie Mae’s criteria (as described in Part VII, Section 404.01, Repayment Plan Incentive Fee of the Servicing Guide), and that successfully brings a mortgage loan current. The increased repayment plan incentive amount will be effective for each repayment plan that meets Fannie Mae’s criteria and successfully brings the mortgage loan current on or after March 1, 2014.
Please click here to view the announcement in its entirety.
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.