Freddie Mac issued Guide Bulletin 2018-14 (Bulletin), setting forth servicing updates to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac announced a new temporary process for reimbursing servicers for property inspections related to insurance loss settlements (including those in eligible disaster areas). This new process replaces the temporary process announced in Bulletin 2017-21. Freddie Mac also revised provisions with respect to the upcoming Investor Reporting Change Initiative (scheduled to be implemented in May 2019), including revised provisions with respect to the Servicer Success Scorecard and the settlement of mortgage modifications. In addition, Freddie Mac: removed the requirement that servicers report a third-party foreclosure sale redemption transaction via Guide Form 105 (as settlement for third-party foreclosure sale transactions is now automated via Workout Prospector); revised borrower evaluation notices and solicitation letters; updated Form 479A (Single-Family Servicing Agent Certification and Agreement); revised the Guide to expressly prohibit the payment of fees (out of insurance loss proceeds) to any public adjuster or other third party, retained by the borrower to assist with the recovery of those proceeds, unless agreed to in writing by Freddie Mac; and revised requirements with respect to condominium project insurance. The updated reporting requirement for third-party foreclosure sale redemptions is effective December 1, 2018. Revisions with respect to borrower evaluation notices and solicitation letters are effective January 1, 2019 (servicers are, however, encouraged to begin using the revised evaluation notices and solicitation letters immediately). Updates with respect to the settlement of mortgage modifications are effective May 1, 2019. Updates to the Servicer Success Scorecard are effective July 1, 2019. All other updates are effective immediately.
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
