Servicing Policy Communications
Access a list of Servicing Announcements, Lender Letters and Notices to stay current on Fannie Mae's latest servicing policy updates.
| Lender Letter LL-2023-04 – Payment Deferral, Disaster Payment Deferral, and Other Updates | March 29, 2023-(Updated August 9, 2023) This Lender Letter provides an update to the standard payment deferral workout option. Key changes include allowing the deferral of at least two and up to six months of past due principal and interest (P&I) payments, including escrow and servicing advances paid to third parties. The borrower may not defer more than 12 months of cumulative past-due P&I payments over the life of the loan. Servicers may implement these changes starting July 1 but must implement by Oct. 1. |
| Announcement SVC-2023-01 – Servicing Guide Update | March 8, 2023-The March Servicing Guide update includes changes to pre-foreclosure property preservation requirements – specially, updates to property inspections and preservation expense reimbursement limits and guidance; and miscellaneous updates. |
| Lender Letter LL-2023-03 – Impact of COVID-19 on Servicing | March 8, 2023-(Updated August 9, 2023) Updates the provisions regarding the suspension of foreclosure-related activities and filing motions for relief from the automatic stay in certain bankruptcy cases. |
| Servicing Notice - Legacy LIBOR Replacement Index | March 8, 2023-(Updated December 13, 2023) The Servicing Notice announces that the replacement index that will be used for servicing our legacy single-family LIBOR mortgage loans is the spread-adjusted term SOFR administered by the CME Group Benchmark Administration, LTD. and published by Refinitiv Limited. The Federal Reserve Board selected the replacement rates as required by the Adjustable Interest Rate (LIBOR) Act and in anticipation of LIBOR’s cessation on the day after June 30, 2023. |
| Announcement SVC-2022-08 – Servicing Guide Update | December 21, 2022-The December Servicing Guide update aligns the property, flood, and project insurance requirements with updates in the Selling Guide; clarifies compensatory fees for delinquency status reporting; makes updates related to allowable foreclosure attorney fees and costs; and includes miscellaneous updates. |
| Lender Letter LL-2022-08 – Florida’s Temporary Market Stabilization Arrangement | December 7, 2022-This Lender Letter contains temporary guidance on the provisional acceptance of property insurance policies in Florida in conjunction with the Florida Office of Insurance Regulation’s (FLOIR) establishment of a temporary reinsurance arrangement through Citizens Property Insurance Corporation (Citizens). |
| Lender Letter LL-2022-07 – Fannie Mae HAMP Modification Termination | December 7, 2022-This Lender Letter provides information related to the Making Home Affordable Supplemental Directive 22-01 issued by the U.S. Department of the Treasury (Treasury), and its impact to Fannie Mae HAMP Modification policies. |
| Announcement SVC-2022-07 – Servicing Guide Update | October 12, 2022-The October Servicing Guide update includes changes to the property valuation fees for borrower-initiated mortgage insurance termination; amending the requirement that a servicer cancel an active mortgage loan modification trial period plan when mortgage assistance funds fully reinstate the mortgage loan; and miscellaneous updates. |
| Lender Letter LL-2022-04 Maintaining Seller/Servicer Eligibility | September 21, 2022-At the direction of our regulator, the Federal Housing Finance Agency, and in coordination with Freddie Mac, we are updating our minimum financial requirements for seller/servicers, including an enhanced minimum net worth requirement applicable to all sellers/servicers, an enhanced minimum liquidity requirement applicable to all non-depository sellers/servicers, a new origination liquidity requirement applicable to certain non-depository sellers/servicers, and new requirements applicable to large non-depository sellers/servicers. |
| Announcement SVC-2022-06 – Servicing Guide Update | August 10, 2022-The August Servicing Guide update incorporates new policies requiring servicer maintenance of certain fair lending data elements. |
| Announcement SVC-2022-05 – Servicing Guide Update | July 13, 2022-The July Servicing Guide update adds requirements related to state Address Confidentiality Programs and makes other miscellaneous 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. |
