Fannie Mae: SVC-2019-05: Servicing Guide Updates
July 10, 2019
Source: Fannie Mae
The Servicing Guide has been updated to include changes or clarifications related to the following:
• Escrow Waiver Requirements*
• Compliance with Office of Foreign Assets Control (OFAC) Regulations
• Miscellaneous Revision
*Policy change not applicable to reverse mortgage loans.
Escrow Waiver Requirements
To simplify our policy related to escrow account waivers, B-1-01, Administering an Escrow Account and Paying Expenses has been updated to remove the requirement that a mortgage loan must be aged a minimum of 24 months from loan origination or from the completion of a repayment plan.
This policy change is effective immediately; however, servicers are authorized to implement this change at their discretion and at a time of their choosing.
Compliance with Office of Foreign Assets Control (OFAC) Regulations
We are updating shared policies applicable to both sellers and servicers in the Selling Guide A3-2-01, Compliance with Laws with additional servicing responsibilities related to compliance with the Department of Treasury’s OFAC Regulations. In addition, Servicing Guide A2-1-01, General Servicer Duties has been updated with a reference to this Selling Guide topic.
This policy clarification is effective immediately.
As of January 28, 2019, we changed our process for servicers to self-report and submit voluntary repurchase requests using Loan Quality Connect™ instead of submitting an email request. Servicers that have submitted email requests since that time have been redirected to Loan Quality Connect. We have updated F-4-03, List of Contacts to reflect the current process and to eliminate confusion.
Contact your Fannie Mae account team, Portfolio Manager, or Fannie Mae’s Single-Family Servicer Support Center at 1-800-2FANNIE (1-800-232-6643) with any questions regarding this Announcement.
Senior Vice President and
Chief Credit Officer for Single-Family