Fannie Mae issued Servicing Guide Announcement SVC-2016-04 (Announcement). This Announcement: establishes new proration requirements for allowable foreclosure fees in the event a foreclosure is interrupted or not completed; amends reporting requirements with respect to law firm matter transfers; establishes foreclosure referral as the point in time (rather than delivery of the Post Foreclosure to Referral Solicitation Letter) for determining when foreclosure proceedings must be suspended when negotiating a workout arrangement; clarifies the definition of “indemnification for losses” and “Fannie Mae losses”; updates the list of mortgage insurers for which Fannie Mae has obtained delegation of authority with respect to foreclosure workout options; imposes a $75 reimbursement limit (per foreclosure) for posting a notice of foreclosure sale in California; and removes the mandate that servicers pay all future bills for HOA or co-op corporation assessments or fees for foreclosure acquired properties located in the Nevada and Illinois (unless otherwise notified by Fannie Mae).
Click here to view the Fannie Mae Servicing Guide Announcement
