Watch Bill describe the February Servicing Guide Update.
See Also: Previous Policy Videos
Across the servicing lifecycle, we're working to simplify the process for our customers.
This update makes changes to simplify servicing, reduce operational cost and risk for servicers, and increase data accuracy. Updates include relieving servicers of the responsibility to pay for HOA, condo, or co-op fees for acquired properties; elimination of transaction type 80 reporting requirements; flexible use of IRS form 4506-T or 4506T-EZ for workout options; and changes to maintaining seller/servicer eligibility.
This part describes the processes and procedures required when doing business with Fannie Mae. It includes the following subparts: Contractual Obligations, Getting Started with Fannie Mae, Maintaining Fannie Mae Seller/Servicer Status, Setting Up Servicer Operations.
This part describes how to administer an escrow account to manage taxes, assessments, and insurance requirements.
This part contains information on mortgage loan payment processing, remitting, accounting and reporting.
This part contains information on providing solutions to borrowers. It includes the following subparts: Assisting the Borrower with Property-Related Issues and Legal Actions, Assisting a Borrower Who is Facing Default or in Default.
This part describes default-related legal services, bankruptcy, foreclosure proceedings, and acquired properties.
This part contains reference materials to support this Servicing Guide.