Fannie Mae issued Servicing Guide Announcement SVC-2016-07 (Announcement). The Announcement: sets forth the Independent Dispute Resolution (IDR) process for servicing breaches under the remedies framework introduced in Servicing Guide Announcement SVC-2015-15; amends the maximum allowable judicial foreclosure fee for properties located in New York; removes the payment of outstanding late charges as a requirement for a mortgage loan to be considered “current” for purposes of mortgage insurance termination; clarifies when a servicer must suspend foreclosure proceedings if the servicer has offered a Streamlined Modification to the borrower; removes the requirement that a servicer submit an REOgram to Fannie Mae if a second conveyance is not accepted by HUD or VA; and updates provisions with respect to filing a mortgage insurance claim for a liquidated mortgage loan or acquired property.
Click here to view the Fannie Mae Servicing Guide Announcement SVC
