This Announcement clarifies and updates policies regarding individual mortgage loan files, servicing quality control reviews,
final requests for reimbursement, attorney expenses, and transfers of variances and waivers.
Beginning on July 1, 2014, the Fannie Mae Standard Modification Rate (posted on Fannie Mae’s website) may be adjusted monthly.
Updated Job Aid on Implementing Fannie Mae Modifications Now Available
The updates reflect the changes announced in SVC-2013-28 which expands the Fannie Mae Standard Modification and Streamlined
Modification programs to include mortgage loans with a pre-modified mark-to-market loan-to-value ratio less than 80%. As a
reminder, servicers are encouraged to implement the policies set forth in SVC-2013-28 as soon as possible, but are required
to do so for borrowers who are eligible for a Fannie Mae Modification or Streamlined Modification by April 1, 2014.
Updates to Fannie Mae-Approved Mortgage Insurers
Fannie Mae has approved the acquisition of CMG Mortgage Insurance Company (CMG) and its affiliates by Arch U.S. MI Holdings,
Inc. Until further notice, the MI Code and ULDD Enumerated Value used to identify loans insured by CMG remain unchanged.
Fannie Mae has removed from the approved mortgage insurer list three affiliate companies of three of Fannie Mae’s approved
This Announcement updates servicer incentive fees for repayment plans, short sales, and Mortgage Releases. The increased incentive
fees will be in effect for mortgage loans that meet the stated criteria on and after March 1, 2014.
This Announcement updates servicing policy on handling overcharges for special ARMs, accepting bankruptcy schedules of assets
and liabilities in a Borrower Response Package, submitting foreclosure prevention cases for approval, and deducting appropriate
third-party sales proceeds.
Fannie Mae is updating its requirements for borrower notification of the interest rate adjustment for a mortgage loan that
has been modified and is subject to step interest rate adjustments, including Fannie Mae HAMP Modifications. The Payment Change
Notification Guidelines exhibit has also been updated.
Looking for the Mortgage Products Page?
It’s moved! As we continue to seek to improve the visitor experience and consolidate resources, we have moved the Mortgage
Product page from the top navigational bar to a link on the Originating and Underwriting page. Both of these pages have been
redesigned based on feedback to provide you streamlined access to your content.
Servicers are reminded that, for loan modifications, they must obtain a property valuation using Fannie Mae's Automated Property
Service (APS for NPV), Freddie Mac's automated valuation model (AVM), or a third-party AVM, provided that the APS or other
AVM renders a reliable confidence score.