Fannie Mae Issues Reverse Mortgage Servicing Announcement RVS-2016-02

Fannie Mae issued Reverse Mortgage Servicing Announcement RVS-2016-02 (Announcement). The Announcement updates the Reverse Mortgage Loan Servicing Manual to require a servicer to submit its final expense reimbursement claim no later than 60 days after the date Fannie Mae disposes of an acquired property, or Fannie Mae will deny the late request. Servicers are encouraged to implement this policy change immediately; but must implement the change no later than February 1, 2016.

Click here to view the Reverse Mortgage Servicing Announcement