Fannie Mae issued Servicing Guide Announcement SVC-2023-02 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae:
- Removed the requirement that servicers update Fannie Mae’s records to reflect changes or corrections to a property address by reporting Transaction Type 82 (instead Fannie Mae is requiring servicers to utilize the existing post-purchase adjustment process to update a property address);
- Announced that the Disaster Response Network and Know Your Options is transitioning to Fannie Mae’s new consumer website on April, 17, 2023 and that servicers must communicate the change to borrowers by July 1, 2023 (servicers are, however, encouraged to communicate the change immediately);
- Updated a reporting requirement related to compliance with the Office of Foreign Assets Control regulations, Housing and Economic Recovery Act, and the Minority and Women Inclusion Rule; and
- Created and updated various borrower-facing documents to reflect recent changes to payment deferral as outlined in Lender Letter LL-2023-04 (Payment Deferral, Disaster Payment Deferral, and Other Updates) and to include traditional sales (sale with equity) as an available option for a delinquent borrower.
Revisions related to the reporting of property address corrections are effective July 1, 2023 (servicers are, however, encouraged to implement this change immediately). Revisions related to the Office of Foreign Assets control regulations reporting requirement are effective May 1, 2023 (servicers are, however, encouraged to implement the change immediately). Revisions related to the use of borrower-facing documents are effective upon the servicer’s implementation of the policies in Lender Letter LL-2023-04, but no later than October 1, 2023.
Click to view the Fannie Mae Servicing Guide Announcement SVC-2023-02: https://www.tenaco.com/wp-content/uploads/2023/04/Fannie-Mae-Servicing-Guide-Announcement-SVC-2023-02-04-12-23.pdf
