Fannie Mae issued Servicing Guide Announcement SVC-2017-06, setting forth updates to the Servicing Guide with respect to property inspection and preservation. As outlined in the Announcement: the Property Preservation Matrix and Reference Guide is updated to provide servicers with more specific and detailed procedures for preserving and completing inspections for properties that secure delinquent mortgage loans; Servicing Guide section D2-2-10 (Requirements for Performing Property Inspections) is restructured to clarify requirements for ordering and completing inspections for properties that secure mortgage loans in default; reimbursement limits for completing maintenance work (set forth in Servicing Guide F-1-06) are updated and expanded; and the number of days to complete an inspection under Servicing Guide section E-3.3-03 (Inspecting Properties Prior to Foreclosure Sale) is increased from 30 to 35 days. The updates must be implemented by October 1, 2017 (although servicers are encouraged to implement the updates immediately).
Click here to view the Fannie Mae Servicing Guide Announcement
