Fannie Mae issued Servicing Guide Announcement SVC-2023-04 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae:
- Updated requirements related to evaluating release, or partial release, requests to allow a post-release LTV ratio threshold of the higher of the LTV ratio immediately prior to release or 60% (when the estimated property value after the release is greater than or equal to 60%), and to clarify when to submit a release, or partial release, request for a non-delegated review;
- Updated Form 236 (Application for Release of Security) to add appraisal requirements;
- Updated Form 629 (Request for Approval of Servicing or Subservicing Transfer) in Quick Exchange to require servicers to provide the agreed-upon purchase price within plus or minus 5 basis points that were paid on the portfolio when submitting a servicing transfer request.;
- Retired Form 1072 (Authorization for Automatic Transfer of Funds) to align Fannie Mae’s policies with the recent enhancements to the Cash Remittance System;
- Updated Form 360 (Certificate of Authority, Incumbency, and Specimen Signatures) to remove references to Automated Clearing House fund transfers and to clarify that the form is now only applicable to single-family sellers; and
- Reorganized and streamlined requirements for insured loss events.
Revisions related to release or partial release requirements are effective August 31, 2023 (servicers are, however, encouraged to implement these changes immediately). All other revisions are effective July 12, 2023.
Click to view the Fannie Mae Servicing Guide Announcement SVC-2023-04: https://www.tenaco.com/wp-content/uploads/2023/07/Fannie-Mae-Servicing-Guide-Announcement-SVC-2023-04-07-12-23.pdf
