Fannie Mae: Updated Imminent Default FAQs; New Servicer eLearning Courses; and More
February 28, 2018
New Imminent Default Evaluation FAQs
Fannie Mae, in alignment with Freddie Mac and FHFA, is replacing the current Imminent Default Indicator™ model with a rules-based evaluation of borrowers for imminent default for conventional mortgage loan modifications. The new Imminent Default Evaluation FAQs provide additional details on the new evaluation rules. Servicers may begin using the new Imminent Default Evaluation, available now in Servicing Management Default Underwriter™ (SMDU™), and must implement no later than July 1.
New courses added to Introduction to Servicing eLearning series
Two new courses are available now in our self-paced eLearning series for new servicers: QC Audit and Compliance and Subservicer Oversight. Get up to speed quickly with each of these 15-minute courses.
Enhancements to AMN/HSSN
During the weekend of March 24, Fannie Mae will implement enhancements to Asset Management Network (AMN)/HomeSaver Solutions™ Network (HSSN). Please refer to the release notes for more information. As a reminder, to implement this release, AMN/HSSN will be unavailable for processing from 7 a.m. ET until 4 p.m. ET on Saturday, March 24. Due to related release work, SMDU Auto Decision functionality may experience some intermittent outages because SMDU relies on some HSSN/DARTS case data. If you experience an exception, please wait a few minutes and resubmit.
Reminder: Notifying document custodians for servicing transfers
After Fannie Mae has approved a servicer’s Form 629: Request for Approval of Servicing or Subservicing Transfer, the transferor servicer or the transferee servicer must notify their document custodian of the servicing transfer and include a final list of all transferred loans. Notification must occur even if the document custodian does not change. Review the list of active document custodians.
Join us at these upcoming events:
March 4-7 | Lenders One Winter Conference | Scottsdale, AZ
March 13-17 | ICBA Community Banking Live 2018 | Las Vegas
March 18-21 | Capital Markets Cooperative Annual Summit | Miami
View more events.
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Source: Fannie Mae