Fannie Mae: SVC-2021-03: Servicing Guide Updates

Fannie Mae: SVC-2021-03: Servicing Guide Updates

Investor Update
June 9, 2021

Source: Fannie Mae

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

▪ Verification of borrower’s income and assets*: provides an alternative means of verifying borrower income and asset
information through the use of third-party vendors.

▪ Post-forbearance disaster payment deferral: clarifies when the borrower must make their full monthly contractual
payment during the month of solicitation for a disaster payment deferral.

▪ Loss mitigation valuations*: streamlines method to obtain loss mitigation valuation information into a single platform.

▪ IRS reporting: updates our requirements for filing IRS forms.

▪ Miscellaneous updates:
o notifies servicers of updates to the Fannie Mae Software Subscription Agreement Master Terms and Conditions, and
o clarifies verbiage related to hazard loss disbursements.

*Policy change not applicable to reverse mortgage loans.

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