Fannie Mae: SVC-2016-10: Servicing Guide Updates
Investor Update
November 9, 2016
Announcement SVC-2016-10: Servicing Guide updates
The Servicing Guide has been updated to include changes related to the following:
- Deadlines to Submit Requests for Expense Reimbursement
- Updates to Defined Expense Limits
- California Posting Costs
- Minnesota Proceeding Subsequent Foreclosure Attorney Fee
- New Property Preservation Expense Limits
- Servicing Transfers
- Clarifications Related to Mortgage Loan Modifications
- Miscellaneous Revision
Read the Announcement for full details.
For a summary of key updates in this Servicing Guide Announcement, view the video presented by Jenise Hight, Director of Servicing & Expense Policy, or check out the Guide Update Presentation here.
New property preservation expense limits
Servicers now have access to some additional property preservation repair descriptions and defined expense limits. Please use this table as reference when submitting a claim for one of the newly added expenses.
Announcement RVS-2016-02: Reverse Mortgage Loan Servicing Manual update
The Reverse Mortgage Loan Servicing Manual has been updated to require the servicer to submit its final expense reimbursement claim no later than 60 days after the date Fannie Mae disposes of an acquired property.
Read the Announcement for full details.
Reminder: November All-Servicer Forums-Fannie Mae Changes to Investor Reporting
If you haven’t already, please register for one of next week’s Fannie Mae Changes to Investor Reporting-All Servicer Forums. During these forums we will review Transaction Type 89 -New Mortgage Insurance Discontinuation Record, and the Transaction Type 83- Interest Rate/Payment Change Reporting. For more information and resources to assist in your transition by February 1, 2017, visit our web page.
- Overview of Interest Rate/Payment Changes and MI Discontinuation Reporting | November 15 at 2 p.m. ET
- Overview of Interest Rate/Payment Changes and MI Discontinuation Reporting | November 16 at 2 p.m. ET
- Loan Activity Reporting (Transaction Type 96) | November 17 at 2 p.m. ET
Reach HARP borrowers now
With HARP extended into 2017, there’s still time to reach underwater borrowers. See how professionally designed materials available on the Fannie Mae Marketing Center can help in your HARP outreach efforts. The Marketing Center includes newly updated HARP flyers, letters and more that you can customize with your company’s logo, colors, and contact information. There’s even a letter to help you reach borrowers whose loans have been modified but might benefit from a HARP refinance. Use of the Marketing Center is free — give it a try!
One HFI InDepth class remaining for 2016
Do you have new hires or other employees who need to complete development goals by the end of the year? There is one more HFI™ Investor Reporting-related session left in 2016 and it’s not too late to register!
Fannie Mae’s Housing Finance Institute® series, HFI InDepth, offers training in custodial accounting and reconciling actual/actual loans. If you’re involved with investor reporting for your company, register for the last HFI InDepth class for 2016 today:
The ABCs of Managing MBS Cash Flow for Fannie Mae
You’ll learn tips for reporting on your loans and have access to an expert instructor to answer your questions.
All HFI InDepth courses provide:
- two hours of interactive, instructor-led training held in a virtual classroom,
- limited class sizes that maximize interaction and allow for individualized attention,
- access to recorded tutorials that prepare you with foundational knowledge prior to taking the course, and
- a certificate of completion.
Course details and class schedules are available on the Fannie Mae Training page. Sign up today!
You may also be interested in…
Big changes to investor reporting are right around the corner
Servicers must update their business processes and technology. Read more
Focus on customers drives best-practice performance
Servicers are working with Fannie Mae to improve how they operate. Read more
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Recent tweets
Home Purchase Sentiment Index drops again, reflecting consumer pessimism.
http://bit.ly/2efjv7O
November 7
Retweet: This was one of the top stories last week! @SoFi and @FannieMae announce cash-out refi for student loans:
http://bit.ly/2fcwl41
November 6
Source: Fannie Mae