Fannie Mae issued Servicing Guide Announcement SVC-2019-08: Servicing Guide Updates (Announcement), announcing revisions to the Single-Family Servicing Guide.
Per the Announcement, Fannie Mae introduced a $50 payment shortage tolerance. Servicers are now authorized to accept a payment that is $50 or less for up to three monthly payments during a 12-month period.
The Announcement also reminds sellers/servicers to timely report fidelity bond and errors and omissions events to Fannie Mae. The Selling Guide has been updated to include the following mailbox for reporting these events: mailto:fidelity_bond_and_errors_and_omissions_claims@fanniemae.com.
The Announcement also sets forth miscellaneous revisions to the Servicing Guide.
Changes related to payment shortage tolerances are effective immediately, however servicers are authorized to implement the changes at their discretion and at a time of their choosing. Servicers are encouraged to begin using the fidelity bond and errors and omissions mailbox immediately, but must do so by February 1, 2020.
Click Here to View the Fannie Mae – Servicing Guide Announcement SVC-2019-08
