Fannie Mae issued Lender Letter LL-2018-04, announcing disaster policy updates and reminders. Pursuant to the Lender Letter, Fannie Mae increased the maximum reimbursement limit for insured loss repair inspections (inspections to confirm repairs on properties with an insured loss event). The maximum reimbursement limit is now $60 (rather than $30). Fannie Mae also permanently adopted temporary guidance regarding properties impacted by a hurricane (announced in Lender Letter LL-2017-07), and updated the guidance to apply to all properties impacted by a disaster. In addition, the Lender Letter reminds servicers that the Extend Modification for Disaster Relief (Extend Mod) and the hazard loss draft proceeds disbursement policies found in Lender Letter-2017-09 are and will remain in effect until further notice. The increased reimbursement limit applies to loss repair inspections completed on or after July 18, 2018. Servicers may begin submitting requests for reimbursement for eligible inspection costs at the new $60 limit on September 15, 2018. All other changes are effective immediately.
Fannie Mae
Fannie Mae Issues Servicing Guide Announcement SVC-2024-06
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.
November 14, 2024
