17 May Fannie Mae: REOgram Notifications Transitioning to Property 360
May 12, 2021
Source: Fannie Mae
With the introduction of Property 360™ for REOgrams™, Servicers have a simplified process for managing REOgram notification, which is the process of notifying Fannie Mae of the acquisition of REO due to Foreclosure or Mortgage Release™ (Deed-in-Lieu of Foreclosure). Property 360 eliminates the need for the Servicers to manually submit REOgram notifications through Asset Management Network; instead it automatically creates REO cases by using near real-time data sources (Investor Reporting, Servicing Management Default Underwriter™ [SMDU]/HomeSaver Solutions™ Network [HSSN], and Default Management Reporting System [DMRS]).
Servicers will use Property 360 to review and confirm whether a property has been transferred into REO due to foreclosure or Mortgage Release and/or resolve any exceptions related to the REOgram. Servicers will benefit from a streamlined process that reduces manual and redundant data entry, creates process efficiencies, and is a single source of reference for REO data.
When ready to onboard to Property 360, Servicers should send an email to email@example.com. Servicers can continue to utilize Asset Management Network (AMN) through September 1, 2021. After September 2021, AMN REO Notification links (Add REO Notification, REO Notification File Upload) will be disabled.
To access full release notes, please click the source link above.