Fannie Mae: SVC-2020-01: Servicing Guide Update

Fannie Mae: SVC-2020-01: Servicing Guide Update

Investor Update
February 12, 2020

Source: Fannie Mae

The Servicing Guide has been updated to include changes to the following:

▪ Prorated attorney fees and foreclosure milestone invoicing*: We updated the foreclosure milestone schedule and
eliminated prorated fee requirements.

▪ Delinquency exception reporting *: We clarified when delinquency status exception reports will be made available to servicers.

We are also reminding servicers of their responsibility to compensate the law firm for default-related services that are not a part of the allowable foreclosure attorney fee and would otherwise be considered a servicing function included in the servicing fee.

*Policy change not applicable to reverse mortgage loans.

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