Fannie Mae issued Servicing Guide Announcement SVC-2024-05 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified servicer responsibilities related to charge-off and second lien consideration process and submission requirements. Specifically, Fannie Mae clarified the servicer’s responsibilities to:
- Have policies and procedures in place to determine if a mortgage loan is eligible for charge-off prior to advances;
- Evaluate a first lien mortgage loan for charge-off and release of lien; and
- Evaluate a second lien mortgage loan for a second lien consideration.
The revisions are effective January 1, 2025 (servicers are, however, encouraged to implement the changes immediately).
Click to view the Fannie Mae Servicing Guide Announcement SVC-2024-05: https://www.tenaco.com/wp-content/uploads/2024/09/Fannie-Mae-Servicing-Guide-Announcement-SVC-2024-05-09-11-2024.pdf
