17 Jul Fannie Mae: SVC-2020-03: Servicing Guide Updates
July 15, 2020
Source: Fannie Mae
The Servicing Guide has been updated to include changes to the following:
▪ Loss draft updates*: simplifies our loss draft disbursement policies while managing risk.
▪ Revisions to post-disaster credit reporting requirements*: removes instructions to suspend credit reporting for borrowers impacted by a disaster.
▪ Payment reminder notice for mortgage loans in an active forbearance*: authorizes the servicer to not send a payment reminder notice to borrowers in an active forbearance plan.
▪ Miscellaneous revisions*: promotes borrower awareness of our Disaster Response Network, discusses policies previously communicated regarding P&I drafting changes, and updates the servicer’s requirements when submitting a charge-off request to us.
*Policy change not applicable to reverse mortgage loans.
For full update, please click the source link above.