Fannie Mae SVC-2014-20 Introducing the New Single-Family Servicing Guide
On November 12, Fannie Mae released Servicing Guide Announcement SVC-2014-20, subtitled Introducing the New Single-Family Servicing Guide.
Servicing Guide Announcement SVC-2014-20
Introducing the New Single-Family Servicing Guide
Fannie Mae is announcing the publication of the new Single-Family Servicing Guide (“Servicing Guide”), which will replace the 2012 Servicing Guide (as updated by Announcements) in its entirety.
Goals of the New Servicing Guide
Fannie Mae’s goals in creating the newly restructured and rewritten Servicing Guide were to make it easier for servicers to do business with Fannie Mae. The new Servicing Guide
- makes it easier to locate servicing-related policies and requirements;
- streamlines policy content by moving the procedural requirements to new separate Servicing Guide Procedures;
- increases readability by using tables, bulleted lists, and more descriptive topic titles; and
- allows for real-time updates as policies and requirements change.
Organization of the New Content
The new Servicing Guide is organized into parts that reflect the organization of a servicer’s operations. The structure within each part is further divided into subparts, chapters, sections, and topics that closely follow the mortgage loan lifecycle. All Fannie Mae servicing policies and requirements in the new Servicing Guide are located at the topic level. See the Servicing Guide Preface for an example of topics included by part and an overview of the new numbering system (similar to the numbering system of the Fannie Mae Single-Family Selling Guide).
Similarly, Servicing Guide Procedures are included in part F and are divided into documents based on servicing functional area or responsibility, which may serve as stand-alone reference documents.
Contents of the new Servicing Guide
The new Servicing Guide contains policies and requirements from the 2012 Servicing Guide, as amended through Announcements issued since September 2, 2011. All Announcements issued through October 17, 2014, have been incorporated into the new Servicing Guide.
With the new Servicing Guide, Fannie Mae
- removed policies that are not required or duplicative,
- aligned certain content to be consistent with the Selling Guide, and
- added new policies that are being communicated through this Announcement.
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.