Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages. Specifically, Fannie Mae clarified:
- That the transferee servicer must identify remote online notarization (RON) loans and either provide a copy of the RON video or identify the storage location during a servicing transfer;
- That a copy of the executed Form 181 must be submitted to Fannie Mae’s eVault via MERS eDelivery for eMortgages;
- That the MERS eRegistry must be updated to provide notice of the assumption agreement regardless of the assumption type and the executed assumption agreement must be sent to Fannie Mae’s eVault via MERS eDelivery;
- That the servicer must initiate the timely transfer of control and location of the eNote back to Fannie Mae if an eMortgage remains active after the conclusion of legal proceedings; and
- The artifacts that must be attached to a NY CEMA eNote when the eNote is converted to a paper Note.
In addition, Fannie Mae clarified that lenders and servicers are responsible for preventing, detecting, and reporting mortgage fraud, and clarified the servicer’s responsibility to remit 3rd party sales proceeds.
Revisions related to preventing, detecting, and reporting mortgage fraud are effective March 1, 2025 (lenders and servicers are, however, encouraged to implement the changes immediately). Revisions related to eMortgages are effective February 1, 2025 (servicers are, however, encouraged to implement the changes immediately). All other revisions are effective November 13, 2024.
Click to view the Fannie Mae Servicing Guide Announcement SVC-2024-06: https://www.tenaco.com/wp-content/uploads/2024/11/Fannie-Mae-Servicing-Guide-Announcement-SVC-2024-06-11-13-24.pdf
