Fannie Mae SVC-2015-03 Servicing Guide Updates
On February 11, Fannie Mae issued Servicing Guide Announcement SVC-2015-03, subtitled Servicing Guide Updates.
Servicing Guide Announcement SVC-2015-03
Servicing Guide Updates
The Servicing Guide has been updated to include the following:
- Miscellaneous Revisions
- Servicing Guide Revision History on AllRegs
The Servicing Guide has been revised as follows:
- Incorporated Lender Letter LL-2014-09: Updates to Foreclosure Bidding Instructions and Third Party Sales into Servicing Guide E-3.3-04, Issuing Bidding Instructions, Servicing Guide E-3.5-02, Handling Third-Party Sales, and Servicing Guide F-1-31, Remitting and Accounting to Fannie Mae.
- Incorporated Announcement SVC-2015-02: Mortgage Insurer Deferred Payment Obligation and Calculation of Indemnification Claim into Servicing Guide A1-3, Repurchases, Indemnification, and Make Whole Payment Requests.
- Updated the Mortgage Insurer Delegations for Workout Options Exhibit to include Fannie Mae Streamlined Modification Post Disaster Forbearance and Fannie Mae Cap and Extend Modification for Disaster Relief.
- Updated the Fannie Mae Workout Hierarchy Exhibit in accordance with Announcement SVC-2014-22 to include MyCity Modification.
Servicing Guide Revision History on AllRegs
Beginning with the February 2015 Servicing Guide, all policies and requirements in the Servicing Guide subjected to a revision as a result of a Servicing Guide Announcement will have a revision history. The default view will be the current policies and requirements; however, the revision history option in AllRegs will allow the servicer to view Servicing Guide content in its previous form – prior to revision by a more recent Servicing Guide Announcement. The servicer may select the option to “Show” or “Hide” the revision history. For example, Servicing Guide E-3.3-04, Issuing Bidding Instructions, includes the existing policy as well as a revision history that reflects the policy prior to the changes introduced in LL-2014-09 and included in this Servicing Guide update.
The Servicing Guide published on AllRegs at the end of each future year will be an archive that reflects the policies and requirements as they exist at the end of the year and will show all revision histories as applicable. Servicing Guide revision histories will begin anew at the beginning of each year.
Please note the following related to the AllRegs revision history:
- Current Servicing Guide policies and requirements are always displayed first with an option to view the revision history.
- The revision history view will allow the servicer to view the same topic in its previous version.
- Revision histories are shown in blue shaded boxes but will not highlight or otherwise identify the differences.
- Revision histories are cumulative; for example, if there are three amendments to a policy topic in the same calendar year, there will be three revision histories. To view revision histories for a prior year, the servicer must refer to an archived version of the Servicing Guide.
- The servicer must always adhere to current Fannie Mae policies and requirements.
The servicer must contact its Servicing Consultant, Portfolio Manager, or Fannie Mae’s National Servicing Organization’s Servicer Support Center at 1-888-FANNIE5 (1-888-326-6435) with any questions regarding this Announcement.
National Servicing Organization
Please click here to view the announcement online.
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