Fannie Mae Selling and Servicing Policy Archives

February 23, 2016 - The update includes eliminating the policy on continuity of obligation; clarifying lender reporting obligations related to a breach of compliance with laws violations; use of consistent language regarding the types of losses for which lenders must indemnify Fannie Mae; clarifying when recourse is required on HomeStyle Renovation mortgage loans; adopting a simplier definition of relocation loans; and other miscellaneous updates and changes.

Selling Guide - PDF Version (February 23, 2016)

February 10, 2016 - This update contains changes related to Form 629, the removal of DO and DU maintenance fees, an update to New Jersey foreclosure fees, an introduction to the Servicing Guide Change Control Log, and a reminder of law firm selection and retention requirements.

Servicing Guide - PDF Version (February 10, 2016)

February 2, 2016 - This announcement introduces the IDR process which offers a neutral third party to resolve repurchase requests that remain unresolved after the appeal and escalation processes have been exhausted. This process grew out of a year of work with lenders, Freddie Mac, and FHFA.

December 16, 2015 - This update contains policy changes related to the servicing defect remedies framework, borrower outreach, execution and retention of loan modification agreements, SCRA, borrower incentives for Mortgage Release, property inspections for Mortgage Release, proofs of claim, updated Forbearance Extension Request Template, and a miscellaneous revision.

Servicing Guide - PDF Version (December 16, 2015)

December 15, 2015 - The update includes allowing second home and investment property loans to be secured by properties with age-related resale restrictions; policy update pertaining to manufactured homes under the RD-Guaranteed Section 502 program; clarifications relating to quality control vendor oversight reporting, reverification of income, and appraisal field reviews; removed the requirement to obtain a form from the borrower at loan closing to authorize early delinquency counseling; changed how and when buyup and buydown grids are posted; and other miscellaneous updates and changes.

Selling Guide - PDF Version (December 15, 2015)

November 25, 2015 - Information on the 2016 general and high-cost area loan limits and updated resources are available on the Loan Limits web page.

November 25, 2015 - This update contains changes related to STAR, short sale hazard loss proceed remittances, pledge of servicing rights, publication placement costs, Hawaii foreclosure fees, HAMP expanded pay for performance incentive notice requirements, servicing of Florida acquired properties, early delinquency counseling, and bankruptcy cramdowns.

Servicing Guide - PDF Version (November 25, 2015)

November 3, 2015 - The update includes allowing refund of loan-level price adjustments on certain mortgage loans; clarifications and updates to co-op review policies; expansion of project review options for established condo projects; policy pertaining to delivery of loans with more than two borrowers will not be enforced; policy changes pertaining to HomeReady; and other miscellaneous updates and changes.

Selling Guide - PDF Version (November 3, 2015)

October 14, 2015 - This update contains policy changes related to short sale access requirements, property inspection frequency, lender-placed insurance, breachacceleration letter content, clarifications to liquidation action code descriptions, changes to Texas 50(a)(6) modifications, requirements for processing modification agreements, requirements for unapplied funds and custodial accounts, adjustments to the Foreclosure Time Frames and Compensatory Fee Allowable Delays Exhibit, updates to compensatory fee calculation examples, and changes to the Borrower Notification Sample Letter Exhibit.

Servicing Guide - PDF Version (October 14, 2015)

October 7, 2015 - This Announcement introduces the remedies framework, clarifying how Fannie Mae will define and categorize origination defects as well as the corrections and remedies available to lenders.

October 6, 2015 - Fannie Mae recognizes and appreciates the enormous efforts that lenders and their partners in the mortgage industry have undertaken to meet the requirements created by CFPBs Know Before You Owe TILA-RESPA Integrated Disclosure (TRID) rule. This Lender Letter describes Fannie Maes expectations for lender compliance with TRID.

September 30, 2015 - This Lender Letter reminds servicers of their responsibilities related to executing, recording andor retaining loan modification agreements.

Selling Guide - PDF Version (September 29, 2015)

September 29, 2015 - This Selling Guide update includes details about HomeReady mortgage, our enhanced affordable lending product designed to meet the diverse needs of todays buyers; and updated homeownership education requirements.

September 16, 2015 - Reminds servicers of their obligation to escalate non-routine litigation to Fannie Mae.

September 9, 2015 - This update contains policy changes related to e-filing and TX posting costs, adjustments to standard and streamlined modifications, an increase to Mortgage Release incentives, updates to the application of borrower HAMP incentives, the retirement of Form 181HFA, a correction to insured loss events requirements, a reminder of payment change notification requirements for mortgage loans subject to step interest rate adjustments, and also includes a miscellaneous revision.

Servicing Guide - PDF Version (September 9, 2015)

August 25, 2015 - The update includes allowing cash back on pair-offs of a mandatory whole loan commitment to all Fannie Mae-approved lenders as a standardized process; update to the delivery of HomeStyle Renovation loans; align the requirements for attached PUD units with the existing requirements for detached PUD units; policy changes pertaining to self-employed income policy; and other miscellaneous updates and changes.