Fannie Mae: SVC-2020-03: Servicing Guide Updates

Fannie Mae: SVC-2020-03: Servicing Guide Updates

Investor Update
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.