RHS issued a SFH Guaranteed Servicing Notice (Notice) announcing updated Electronic Status Reporting codes for mortgage servicers. Per the Notice, Default Status Code 10 was changed to “Payment Supplement Acct (PSA)” (formerly “Stand Alone Mortgage Recovery Advance (MRA)”). In addition, Default Status Reason Code 033 “Bank Issues” was added and should be utilized when the delinquency is attributed to issues arising with the borrower’s financial institution. The update to Default Status Code 10 and the addition of Default Status Reason Code 033 will be available beginning with the October 2024 reporting cycle.
Click to view the RHS SFH Guaranteed Servicing Notice: https://www.tenaco.com/wp-content/uploads/2024/09/RHS-SFH-Guaranteed-Servicing-Notice-09-19-24.pdf
