Fannie Mae issued Reverse Mortgage Servicing Manual Announcement RVS-2018-01 (Announcement), setting forth updates to the Reverse Mortgage Loan Servicing Manual (Manual). Per the Announcement, servicers are authorized to submit final expense reimbursement claims more than 60 days after Fannie Mae disposes of an acquired property, provided the servicer submits a claim within 30 days of receipt of an initial or supplemental Advice of Payment from HUD. The Announcement sets forth a mandate that servicers perform a monthly reconciliation of mortgage loan status codes and report any discrepancies to Fannie Mae. In addition, Fannie Mae issued clarifications and reminders with respect to: the assignment of HECM loans to HUD; mortgage insurance claim documentation; special remittances for third-party proceeds; and the definitions for specific mortgage loan status codes. Servicers must implement the changes by the May 2018 month-end reporting cycle (servicers are encouraged, however, to implement the changes immediately).
Click Here to View the Fannie Mae Reverse Mortgage Servicing Announcement RVS-2018-01
