Fannie Mae issued Servicing Guide Announcement SVC-2022-01 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae:
- Revised Fannie Mae Short Sale and Mortgage Release (deed-in-lieu of foreclosure) eligibility requirements.
- Modified the completion time frames and the process for submitting extension and recourse removal requests with respect to HomeStyle Renovation loans.
- Increased the permissible Mortgage Release document preparation cost to $500 for a completed Mortgage Release.
- Automated the submission process of Form 200 (Servicer Selection Form).
- Incorporated the requirements announced in Lender Letter LL-2021-07 related to performing an escrow analysis when determining eligibility for a disaster payment deferral and Fannie Mae Flex Modification.
- Clarified reporting requirements related to anti-money laundering.
Fannie Mae also updated the Allowable Foreclosure Attorney Fees exhibit to increase the maximum allowable foreclosure attorney fees in all jurisdictions and remove the non-judicial foreclosure fee for Iowa.
Revisions related to Fannie Mae Short Sale and Mortgage Release eligibility requirements, modification of HomeStyle Renovation loan requirements, and the Allowable Foreclosure Attorney Fees exhibit are effective May 1, 2022 (servicers may, however, implement the revisions immediately). Revisions related to the submission process of Form 200 are effective April 4, 2022 (servicers may, however, transition the automated process immediately). Revisions related to performing an escrow analysis are effective March 1, 2022 (servicers may, however, implement the revisions immediately). Revisions related to anti-money laundering reporting requirements are effective February 2, 2022. All other revisions are effective immediately.
Click to view the Fannie Mae Servicing Guide Announcement SVC-2022-01: https://www.tenaco.com/wp-content/uploads/2022/02/Fannie-Mae-Servicing-Guide-Announcement-SVC-2022-01-02-09-22.pdf
