Fannie Mae issued Servicing Guide Announcement SVC-2022-07 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae:
- Increased property valuation fees for a broker price opinion to $190 (previously $150) and for one-unit restricted appraisals to $450 (previously $325) when the borrower-initiates mortgage insurance termination;
- Replaced the requirement that the servicer cancel an active mortgage loan modification Trial Period Plan when mortgage assistance funds fully reinstated the mortgage loan with a requirement that servicers immediately contact Fannie Mae’s Loss Mitigation mailbox upon application of mortgage assistance funds that fully reinstate the mortgage loan during an active mortgage loan modification Trial Period Plan to obtain Fannie Mae’s assistance with appropriately completing the mortgage loan modification;
- Introduced a new process for servicers to submit bankruptcy cramdowns via the Servicing Management Default UnderwriterTM;
- Amended bankruptcy requirements for remitting post-confirmation payments received for the unsecured portion of the debt to reflect the current process in place; and
- Added Rhode Island and West Virginia to the list of states where remote online notarizations are permissible.
Revisions related to property valuation fees for borrower-imitated mortgage insurance termination are effective for property evaluations ordered beginning February 1, 2023. Revisions related to full reinstatement by mortgage assistance funds are effective December 1, 2022 (servicers are, however, encouraged to implement the policy change immediately). Revisions related to bankruptcy cramdowns are effective March 1, 2023 (servicers are, however, encouraged to implement the new bankruptcy cramdown submission process immediately). All other updates are effective October 12, 2022.
Click to view the Fannie Mae Servicing Guide Announcement SVC-2022-07: https://www.tenaco.com/wp-content/uploads/2022/10/Fannie-Mae-Servicing-Guide-Announcement-SVC-2022-07-10-12-22.pdf
