Fannie Mae issued Servicing Guide Announcement SVC-2023-03 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae:
- Introduced and clarified requirements for servicing mortgage loans subject to resale restrictions or shared equity provisions;
- Automated the submission process for Fannie Mae’s Non-Routine Litigation Form (Form 20) by allowing servicers to submit Form 20 through a web-based application (rather than the current email process); and
- Updated New York Consolidation, Extension, and Modification Agreement (CEMA) requirements with respect to the refinancing of an eNote.
In addition, Fannie Mae updated the “Guide to Delivering eMortgages to Fannie Mae” to eliminate the requirement that servicers register the lien on the Mortgage Electronic Registration System when delivering an eMortgage to Fannie Mae.
Revisions related to resale restrictions or shared equity are effective September 1, 2023 (servicers are, however, encouraged to comply with the revisions immediately). Revisions related to the automated the submission process for Form 20 are effective July 1 (servicers are, however, encouraged to transition to the automated submission process immediately). Revisions related to a New York CEMA are effective July 1, 2023 (servicers are, however, encouraged to implement the changes immediately). All other revisions are effective May 10, 2023.
Click to view the Fannie Mae Servicing Guide ANnouncement SVC-2023-03: https://www.tenaco.com/wp-content/uploads/2023/05/Fannie-Mae-Servicing-Guide-Announcement-SVC-2023-03-05-10-23.pdf
