Freddie Mac issued Bulletin 2017-1 (Bulletin), announcing revisions to Freddie Mac’s servicing requirements. Under the Bulletin, servicing requirements are revised with respect to: tax transcript acquisition and evaluation; property preservation and advancement of property tax and insurance premiums following a foreclosure sale (when property is purchased by a third party); and the calculation of the Modification Loss Amount (used when modifying a mortgage subject to an indemnification agreement). The Bulletin also announces revisions to Guide Form 981 (Agreement for Subsequent Transfer of Servicing of Single-Family Mortgages) and requires servicers to use electronic signatures when signing Guide Form 981. In addition, the revised servicing requirements permit early implementation of the Freddie Mac Flex Modification program, set forth reporting requirements with respect to such early implementation, allow servicers to receive reimbursement for use of a lockbox at an abandoned property and update notification requirements in the event a borrower claims that a trial period loan modification involving a Texas Equity Section 50(a)(6) mortgage violates the Texas Constitution. The revisions generally went into effect February 15, 2017. However, the property preservation and advancement of property tax and insurance premium provisions are effective April 17, 2017. The revisions with respect to guide Form 981 are effective June 1, 2017.
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
