Fannie Mae issued Servicing Guide Announcement SVC-2022-08 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae:
- updated property, flood, and project insurance requirements to ensure consistency with the updated and reorganized content in the Selling Guide;
- removed property insurance requirements for Home Keeper mortgage loans from the Reverse Mortgage Loan Servicing Manual and replaced the requirements with a reference to the Servicing Guide;
- clarified that compensatory fees may be assessed for late or inaccurate submissions of delinquency status information in addition to late or inaccurate submissions of Fannie Mae Investor Reporting system reports;
- updated the Allowable Foreclosure Attorney Fees Exhibit to increase the maximum allowable foreclosure attorney fees in the majority of jurisdictions and removed the judicial foreclosure fee for Oregon (any judicial foreclosures in Oregon will now require excess fee approval);
- removed the defined expense reimbursement limit for posting costs and publication placement costs; and
- increased the short sale and Mortgage Release relocation incentive payment to provide greater support to applicable borrowers.
Revisions related to property, flood, and project insurance requirements are effective for insurance policies renewed or obtained on and after May 1, 2023 (servicers are, however, encouraged to implement the revisions immediately). Revisions related to compensatory fees are effective beginning with March 2023 reporting activities based on February 2023 mortgage loan status and activity. Revisions related to allowable attorney fees and expense reimbursement for posting and publication costs are effective April 1, 2023 (servicers are, however, encouraged to implement the new fees immediately). The new allowable foreclosure fees apply to all matters referred to counsel for initiation of foreclosure proceedings, regardless of referral date, if the matter is still active as of Jan. 1, 2023 and the excess fee approval requests for Oregon must be requested for a judicial foreclosure in Oregon for all matters referred to counsel for initiation of foreclosure on or after Jan. 1, 2023. All other updates are effective December 21, 2022.
Click to view the Fannie Mae Servicing Guide Announcement SVC-2022-08: https://www.tenaco.com/wp-content/uploads/2022/12/Fannie-Mae-Servicing-Guide-Announcement-SVC-2022-08-12-21-22.pdf
