Freddie Mac issued Bulletin 2016-21 (Bulletin) updating servicing requirements. The Bulletin: provides lenders and servicers 15 business days to submit required data when settling a third-party foreclosure sale transaction through Workout Prospector (rather than 10 business days); updates remittance requirements for short sales, deeds-in-lieu of foreclosure and charge-offs; allows new options as proof of insurance for condominiums, cooperatives and planned-unit developments; updates Guide Forms 16SF and 1107SF; provides lenders and servicers 7 business days to complete closing requirements with respect to a charge-off (rather than 3 business days); and updates instructions for filing IRS Forms 1099-A and 1099-C.
Fannie Mae
Fannie Mae Issues Servicing Guide Announcement SVC-2024-06
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
November 14, 2024
