Fannie Mae: SVC-2020-07: Servicing Guide Updates
Investor Update
December 9, 2020
Source: Fannie Mae
The Servicing Guide has been updated to include changes to the following:
▪ Earthquake insurance requirements*: removes property-level earthquake insurance requirement on mortgage loans for all Puerto Rico properties, and on Guam properties constructed of masonry construction.
▪ Miscellaneous revisions*: incorporates the payment deferral policy communicated in LL-2020-05 as well as the incentive fees for retention workout options as outlined in LL-2020-09 and updates the Servicing Guide to accurately reflect the day of the month in which Fannie Mae will draft guaranty fees and guaranty fee buydown charges from servicer’s designated custodial account.
*Policy change not applicable to reverse mortgage loans.
To access full announcement, please click the source link above.