Fannie Mae SVC-2014-22 Updates to the Fannie Mae MyCity Modification
On December 18, Fannie Mae released Servicing Guide Announcement SVC-2014-22, subtitled Updates to the Fannie Mae MyCity Modification.
Servicing Guide Announcement SVC-2014-22
Updates to the Fannie Mae MyCity Modification
Fannie Mae is amending its policies and requirements for the Fannie Mae MyCity Modification to, among other things, delegate approval of the modification terms to the servicer based on these policy changes, and expand the workout option to include eligible properties located in Cook County, Illinois. This Announcement replaces Servicing Guide D2-3.2-11, Fannie Mae MyCity Modification and F-1-20, Processing a Fannie Mae MyCity Modification in their entirety.
Policy Change Effective Date
The servicer is encouraged to implement the policy changes in this Announcement immediately, but must implement these policy changes no later than April 1, 2015.
Date of Servicing Guide Update
The content as shown in this Announcement will be reflected in the January 2015 update of the Servicing Guide.
D2-3.2-11, Fannie Mae MyCity Modification
This topic contains the following:
- Determining Eligibility for a Fannie Mae MyCity Modification
- Performing an Escrow Analysis
- Evaluating a Borrower Whose Mortgage Loan Is Current or Less Than 90 Days Delinquent
- Evaluating a Borrower Whose Mortgage Loan Is Equal to or Greater Than 90 Days Delinquent
- Determining the Fannie Mae MyCity Modification Terms
- Soliciting a Borrower Whose Mortgage Loan is Equal to or Greater Than 90 Days Delinquent
- Offering a Trial Period Plan and Completing a Fannie Mae MyCity Modification
- Processing a Fannie Mae MyCity Modification for a Mortgage Loan with Mortgage Insurance
- Handling Fees and Late Charges in Connection with a Fannie Mae MyCity Modification
- Handling a Default on a Fannie Mae MyCity Modification
Please click here to view the announcement in its entirety.
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