Fannie Mae issued Servicing Guide Announcement SVC-2024-04 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae updated expense reimbursement requirements to:
- Clarify that for any mortgage loan modification or payment deferral that is canceled but not re-entered into Fannie Mae’s servicing solutions system within 30 days of the date of the cancellation, the servicer must reimburse Fannie Mae, within 60 days of the cancellation date, any workout incentive fee previously paid to the servicer in connection with the canceled workout option; and
- Require servicers to reimburse Fannie Mae, within 60 days of the date of a reinstatement or completion of a retention workout option, all recoverable borrower advances collected at reinstatement or not included in the completed retention workout option.
In addition, Fannie Mae retired Form 2200 (Shared Equity Amendment) for shared equity properties with income and resale price restrictions.
Revisions related to expense reimbursement are effective for mortgage loan modifications and payment deferrals canceled on or after Oct. 1, 2024 and for mortgage loans that are reinstated or subject to a completed retention workout option on or after Oct. 1, 2024 (servicers are, however, encouraged to implement these changes immediately). Servicers may take advantage of the retirement of Form 2200 on July 10, 2024.
Click to view the Fannie Mae Servicing Guide Announcement SVC-2024-04: https://www.tenaco.com/wp-content/uploads/2024/07/Fannie-Mae-Servicing-Guide-Announcement-SVC-2024-04-07-10-24.pdf
