Effective May 1, 2014, Fannie Mae will begin issuing warning letters and assessing compensatory fees for late and inaccurate
Fannie Mae is updating the modification terms for mortgage loans with pre-modified mark-to-market LTV ratios less than 80%.
It supersedes and replaces SVC-2013-28, Fannie Mae Standard Modification and Streamlined Modification Updates, in its entirety.
This Announcement also updates requirements related to the Evaluation Notice, solicitation letter, and Trial Period Plan.
The Allowable Attorney and Trustee Foreclosure Fees exhibit on Fannie Mae’s website is updated to reflect changes in the maximum
allowable foreclosure attorney fees for properties in the state of New York and to correct an error in the footnote annotations
for certain states.
Fannie Mae is substituting indexes based on LIBOR rates published in The Wall Street Journal for the discontinued Federal
Reserve Board CD rates. Also, two standard ARM Plans based on the discontinued index are retired, effective immediately. The
updated Standard ARM Plan Matrix is available on this website.
Fannie Mae is postponing the effective date of April 1, 2014, for implementation of requirements set forth in Announcement
SVC-2013-28, Fannie Mae Standard Modification and Streamlined Modification Updates.
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.