Fannie Mae issued Servicing Guide Announcement SVC-2018-03 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae updated requirements with respect to concurrent and post-delivery servicing transfers. Transferee servicers are no longer required to: initiate welcome calls to a borrower within 5 days after the transfer; make at least 3 welcome call attempts by the end of the month following the file transfer; and use commercially reasonable efforts to maintain accurate contact information. Transferee servicers are now permitted to implement their own processes so long as the processes are in compliance with all applicable law. The updates also align the current policy related to concurrent servicing transfers to the policy outlined in post-delivery servicing transfers. Fannie Mae also amended requirements with respect to the collection of escrow shortages associated with mortgage loan modifications. Servicers are now authorized to collect escrow shortage amounts over any term not to exceed 60 months (unless the borrower decides to pay the shortage up-front). Servicers were previously required to spread the escrow shortage amount over a 60 month term. The amended requirements with respect to the collection of an escrow shortage apply to any escrow analysis performed on or after July 1, 2018 that is associated with a loan modification (servicers may, however, implement the changes immediately). All other changes are effective immediately.
Click Here to View the Fannie Mae Servicing Guide Announcement SVC-2018-03
