Fannie Mae issued Servicing Guide Announcement SVC-2022-04 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae:
- transitioned the process for ordering liquidation-related property valuations from Valuation Management System (VMS) to Servicing Management Default Underwriter (SMDU), consolidating all servicer valuation into a single platform;
- incorporated the clarifications announced in Lender Letter LL-2021-07 related to the repayment period for an escrow shortage identified after a COVID-19 Fannie Mae Flex Modification or disaster payment deferral;
- transitioned the processing for all servicer expense reimbursement claims from LoanSphere Invoicing to Property 360; and
- modified the definition of group home.
Revisions related to ordering liquidation-related property valuations are effective September 1, 2022 (servicers are, however, encouraged to implement the revisions beginning June 20, 2022). For any property valuation orders the servicer requests through VMS prior to Sep. 1, 2022 and that are not yet completed as of that date, the servicer must continue to manage the order in VMS until the results are available in SMDU. All other updates are effective June 8, 2022.
Click to view the Fannie Mae Servicing Guide Announcement SVC-2022-04: https://www.tenaco.com/wp-content/uploads/2022/06/Fannie-Mae-Servicing-Guide-Announcement-SVC-2022-04-06-08-22.pdf
