Servicing Policy Communications
Access a list of Servicing Announcements, Lender Letters and Notices to stay current on Fannie Mae's latest servicing policy updates.
| Announcement SVC-2022-04 – Servicing Guide Update | June 8, 2022-The June Servicing Guide update transitions the process for ordering liquidation-related property valuations to Servicing Management Default Underwriter™ (SMDU), which now consolidates all servicer valuation orders into a single platform, and makes several miscellaneous clarifications and updates. |
| Announcement SVC-2022-03 – Servicing Guide Update | May 11, 2022-The May Servicing Guide update incorporates previously announced policies regarding unrecorded assignments of mortgage, changes the method of managing drafting instructions for certain remittances, provides notice of transition to a new default foreclosure and bankruptcy data reporting system, and more. |
| Announcement SVC-2022-02 – Servicing Guide Update | April 13, 2022-The April Servicing Guide update clarifies requirements related to the completion of transfers of ownership of a property, removes the requirement to suspend reporting to the credit bureaus in certain instances related to U.S. servicemembers, and more. |
| Announcement SVC-2022-01 – Servicing Guide Update | February 9, 2022-The February Servicing Guide update includes changes to Fannie Mae short sale and Fannie Mae Mortgage Release™ requirements, modifies certain time frames and processes for HomeStyle® Renovation mortgage loans, updates allowable foreclosure attorney fees and Mortgage Release™ document preparation costs, automates the submission of Form 200, and other miscellaneous updates. |
| Announcement SVC-2021-09 – Servicing Guide Update | December 8, 2021-The December Servicing Guide update consolidates into the Selling Guide certain policies regarding insurance applicable to both lenders and servicers, updates various borrower-facing servicing forms and documents, retires Form 2002, clarifies subservicer eligibility to perform general servicing duties and responsibilities for HomeStyle® Renovation mortgage loans not associated with property renovation, and adds a link to the Mortgage Insurance Claims Portal. |
| Announcement SVC-2021-08 – Servicing Guide Update | November 17, 2021-The November Servicing Guide update revises servicer requirements regarding the initial inspection order date and clarifies servicer responsibilities for instructing mortgage insurers to release data to us pertaining to a certain population of mortgage loans. |
| Lender Letter LL-2021-15 – Unrecorded Assignments of Mortgage and New Limited Powers of Attorney | October 20, 2021-This Lender Letter provides notice of upcoming changes to our requirement for unrecorded assignments of mortgage for loans not registered with Mortgage Electronic Registration System, Inc. (MERS). Instead of this requirement, we are requiring a one-time delivery of limited powers of attorney (Form 520), which sellers/servicers are encouraged to submit now but must complete and deliver by March 1, 2022. |
| Announcement SVC-2021-07 – Servicing Guide Update | October 13, 2021-This Servicing Guide update includes changes that modify the requirements for the reclassification and repurchase of regular servicing option MBS mortgage loans and simplify the submission process for requesting servicing and subservicing transfers. |
| Servicing Notice - MI Claims Portal Participants Exhibit | September 29, 2021-The Participants Exhibit has been updated to include two additional mortgage insurers and their applicable MICP participation effective date. |
| Announcement SVC-2021-06 – Servicing Guide Update | September 8, 2021-September’s update aligns the Servicing Guide with changes related to Form 582 recently announced in SEL-2021-08, adds duties and responsibilities for all servicers with a portfolio of 20,000 or more Fannie Mae mortgage loans, and removes the requirement to conduct the final interior property inspection for a Mortgage Release™. |
| Announcement SVC-2021-05 – Servicing Announcement | August 11, 2021-This Servicing Announcement incorporates previously communicated changes regarding payment deferral gross servicing fee and guarantee fee reimbursement, and foreclosure P&I advance reimbursement. It also extends the mandatory effective date of the IRS reporting changes that were previously announced. |
| Announcement SVC-2021-04 – Servicing Guide Update | July 14, 2021-This Servicing Guide update includes changes to broaden the requirements for acceptance of mortgage assistance funds, introduce a new process for filing conventional mortgage insurance (MI) claims in the new Fannie Mae MI Claims Portal (MICP), simplify the REOgram notification process, and include a reference to recently added Selling Guide policies for notarization standards and remote ink-signed notarization. |
| Lender Letter LL-2021-07 – COVID-19 Payment Deferral and Fannie Mae Flex Modification for COVID-19 Impacted Borrowers | June 30, 2021-(Republished May 4, 2022) The update adjusts the terms for a Flex Modification with reduced eligibility criteria for COVID-19 impacted borrowers to provide an opportunity to reduce their interest rate, regardless of the mortgage loan’s mark-to-market loan-to-value ratio. |
| Lender Letter LL-2021-02 – Impact of COVID-19 on Servicing | June 30, 2021-(Republished May 4, 2022) Updates the provisions regarding the suspension of foreclosure-related activities and filing motions for relief from the automatic stay in certain bankruptcy cases. |
| Lender Letter LL-2021-12 - Advance Notice of Changes to Investor Reporting Processes and Systems | June 16, 2021-(Updated Dec. 14, 2022) This Lender Letter provides advance notice of upcoming changes to our investor reporting processes and systems. These changes further simplify and streamline servicer reporting and will be introduced in a phased approach. |
| Announcement SVC-2021-03 – Servicing Guide Update | June 9, 2021-This update adjusts our requirements for IRS reporting, streamlines our process for obtaining loss mitigation valuation information, clarifies when borrowers must make full monthly contractual payments during the month of solicitation for a disaster payment deferral, provides an alternative means of verifying borrower income and asset information through third-party vendors, and includes miscellaneous updates. |
| Servicing Notice - Cost of Funds Replacement Index | June 9, 2021-(Republished Oct. 20, 2021) We previously communicated that the Federal Home Loan Bank of San Francisco (FHLBank) announced that it would cease publication of its 11th District Monthly Weighted Average Cost of Funds Index (COFI) after the publication of the Dec. 2021 COFI in Jan. 2022. In anticipation of this date, we are announcing our selection of a replacement index to be used for the servicing of legacy COFI mortgage loans, called the Enterprise 11th District COFI Replacement Index. |
| Announcement SVC-2021-02 – Servicing Guide Update | March 10, 2021-This update adjusts servicer requirements for charge-off property valuation requests; incorporates a procedural change for requesting reimbursement of recording costs for mortgage loan satisfactions; clarifies the approval process to pay third parties out of insurance loss proceeds; and makes other miscellaneous updates. |
| Announcement SVC-2021-01 – Servicing Guide Update | January 20, 2021-The January Servicing Guide update incorporates LL-2020-13, which extended automatic reclassification triggers from four to 24 months for most delinquent MBS mortgage loans; eliminates the requirement for reporting a delinquency status code for a disaster payment deferral if the mortgage loan is brought current; and updates our policies on remote online notarizations for the purpose of servicing or modifying a mortgage loan. |
| Announcement SVC-2020-08 – Servicing Guide Update | December 16, 2020-At the direction of the Federal Housing Finance Agency (FHFA) and in collaboration with Freddie Mac, we are modifying our seller/servicer eligibility standards related to minimum liquidity. We’re no longer permitting nondepositories to use unused, undesignated, and available portions of credit lines, including those for servicing advances, as acceptable forms of liquidity. |
