Fannie Mae issued Servicing Guide Announcement SVC-2016-11 (Announcement). The Announcement sets forth several updates to the Servicing Guide. The Servicing Guide updates provide alternatives to obtaining annual evidence of a master insurance policy for properties located in a planned unit development (PUD), Condo, or Co-op project. The Servicing Guide updates also amend the Allowable Foreclosure Attorney Fees Exhibit to reflect changes to the maximum allowable foreclosure fee in 25 jurisdictions. In addition, the Servicing Guide updates clarify that a lender or servicer is authorized to obtain its servicing fee compensation by deducting its fee from the amount remitted for a third-party foreclosure sale, or from the amount remitted to redeem a foreclosed property.
Click here to view the Fannie Mae Servicing Guide Announcement
