Fannie Mae issued Servicing Guide Announcement SVC-2018-04 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae consolidated current forbearance plan workout options into a single policy, including forbearance plans related to unemployment, unique hardships, military indulgence, and disaster events. In addition, Fannie Mae: revised policy with respect to the reimbursement of escrow advances in connection with delinquent loans; clarified the circumstances under which a servicer is required to submit the Servicemembers Civil Relief Act Reporting and Disbursement Form (Form 1022) to Fannie Mae; established a $10 reimbursement limit for posting a one-time vacancy notice posting; and simplified policy with respect to disaster assistance. The consolidated forbearance plan policy is effective December 1, 2018 (servicers may, however, implement the changes immediately). The revised policy regarding reimbursement of escrow advances in connection with delinquent loans is effective August 1, 2018 (and applies to escrow advances incurred on or after January 1, 2018). The clarified policy regarding submission of Form 1022 is effective August 1, 2018 (servicer are, however, encouraged to implement the changes immediately).
Click Here to View the Fannie Mae Servicing Guide Announcement SVC-2018-04
