Fannie Mae issued Servicing Guide Announcement SVC-2017-07 (Announcement), setting forth updates to the Servicing Guide. As outlined in the Announcement, Fannie Mae redesigned and renamed Form 710 (formerly the Uniform Borrower Assistance Form), and updated the Servicing Guide to support the new Form 710. Form 710 has been renamed the Mortgage Assistance Application. Fannie Mae also updated the Servicing Guide to clarify proration requirements for allowable bankruptcy attorney fees and updated the Allowable Bankruptcy Attorney Fees Exhibit to change maximum fee reimbursement amounts for certain services. In addition, the Servicing Guide updates: incorporate the previously announced Fannie Mae Flex Modification program into the Servicing Guide (replacing the Fannie Mae HAMP, Standard, Streamlined and Disaster Streamlined modification programs); remove from the Servicing Guide those modification programs replaced by the Fannie Mae Flex Modification; update instructions for certain loan modification agreements; and eliminate the Step Loan Modification Agreement (Form 3162). Servicers must begin evaluating eligible borrowers for the Fannie Mae Flex Modification no later than October 1, 2017. The bankruptcy attorney fee updates are effective December 1, 2017 (however, servicers are encouraged to implement the fee updates for impacted files immediately). The revisions to the loan modification agreement instructions must be implemented within 6 months (however, servicers are encouraged to use the revised instructions immediately). The changes to Form 710 must be implemented by June 1, 2018 (however, servicers are encouraged to implement the changes immediately).
Click here to view the Fannie Mae Servicing Guide Announcement SVC-2017-08
