Fannie Mae issued Servicing Guide Announcement SVC-2017-09 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae removed duplicative content from several topics in Part A of the Servicing Guide pertaining to electronic records, signatures, and other electronic transactions, and will consolidate this duplicative content in the Selling Guide on Oct. 31. The Servicing Guide updates also amend requirements with respect to the reimbursement of publication costs incurred during the foreclosure process. Pursuant to the amended requirements, Fannie Mae’s pre-approval is now required for reimbursement of additional publication costs associated with each new foreclosure sale date, if a foreclosure sale is rescheduled or restarted. In addition, the Servicing Guide Updates clarify and restructure Sections B-1-01 (Administering an Escrow Account and Paying Expenses) and F-1-06 (Expense Reimbursement) of the Servicing Guide. Servicers must implement operational processes consistent with the clarification and restructuring of sections B-1-01 and F-1-06 by December 1, 2017 (however, servicers are encouraged to implement the processes immediately). The changes regarding reimbursement of publication costs are effective for costs incurred on or after January 1, 2018 (regardless of the foreclosure referral date). All other updates are effective immediately.
Click here to view the Fannie Mae Servicing Guide Announcement
