Fannie Mae issued Servicing Guide Announcement SVC-2017-11 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae removed duplicative content from several topics in Part A of the Servicing Guide pertaining to individual mortgage loan files and records, and consolidated this duplicative content in the Selling Guide on December 19, 2017. There are no policy changes associated with this consolidation of content. Fannie Mae also updated the Servicing Guide to state that Fannie Mae will reimburse servicers for repair inspection costs when required to confirm property repairs with respect to an insurance claim settlement. Fannie Mae has established a $30 maximum expense reimbursement limit for each repair inspection required. In addition, Fannie Mae removed language from the Servicing Guide requiring servicers to report damage to Fannie Mae following an uninsured loss event (as announced in Lender Letter LL-2017-07). The policy change with respect to servicer reimbursement for repair inspection costs applies to all applicable repair inspection costs incurred on or after December 13, 2017. All other updates are effective immediately.
Click to view the Fannie Mae Servicing Guide Announcement SVC-2017-11
