Servicing Policy Communications
Access a list of Servicing Announcements, Lender Letters and Notices to stay current on Fannie Mae's latest servicing policy updates.
| 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. |
| Announcement SVC-2020-07 – Servicing Guide Update | December 9, 2020-The December Servicing Guide update removes the property-level earthquake insurance requirement on mortgage loans on all Puerto Rico properties, and on Guam properties constructed of masonry. It also incorporates the payment deferral policy communicated in LL-2020-05, the incentive fees for retention workout options as outlined in LL-2020-09, and updates to accurately reflect the guaranty fee and guaranty fee buydown charges drafting schedule. |
| Lender Letter LL-2020-02 – Impact of COVID-19 on Servicing | December 9, 2020-This Lender Letter communicates temporary policies to enable servicers to better assist borrowers impacted by COVID-19. |
| Lender Letter LL-2020-07 – COVID-19 Payment Deferral | November 18, 2020-This Lender Letter provides a new workout solution to help borrowers impacted by a COVID-19 hardship return their mortgage to current status after up to 12 months of missed payments. |
| Announcement SVC-2020-06 – Servicing Guide Update | November 10, 2020-The November Servicing Guide updates reflect disaster payment deferral changes previously announced in the Evaluation Notices and payment deferral agreement. We’ve also updated some terminology for consistency. |
| Lender Letter LL-2020-13 – Automatic Reclassification of Delinquent MBS Mortgage Loans | October 28, 2020-This Lender Letter provides servicers advance notice of upcoming changes related to the criteria for automatic reclassification of MBS mortgage loans, guaranty advances and reimbursement of principal and interest advances. |
| Servicing Notice - Extension of Cost of Funds Index | October 21, 2020-Earlier this year, the Federal Home Loan Bank of San Francisco (FHLBank) announced that it will extend its deadline for discontinuing its monthly cost of funds index (COFI) from early 2021 to early 2022. FHLBank will no longer calculate the index after the publication of the Dec. 2021 COFI in Jan.2022. This Servicer Notice provides additional detail. |
| Announcement SVC-2020-05 – Servicing Guide Update | October 14, 2020-As part of the October Servicing Guide update, the Valuation Management System (VMS) Valuation Order Template has been updated to require the foreclosure sale date be completed when a servicer is requesting the property valuation for bidding instructions. Additionally, we’ve revised the Evaluation Notices and the payment deferral agreement to incorporate clarifications regarding Home Affordable Mortgage Program (HAMP) incentives. The Evaluation Notices also include revisions based on recent policy updates. |
| Lender Letter LL-2020-05 – Payment Deferral | October 14, 2020-This Lender Letter introduces payment deferral, a new home retention workout option that enables servicers to assist eligible borrowers who have resolved a temporary hardship and resumed their monthly contractual payments but cannot afford either a full reinstatement or repayment plan to bring the loan current. |
