On Jul. 10, Fannie issued guidance on expense reimbursements.
Fannie published Announcement SVC-2024-04 to make a servicing guide update.
Provides clarification and further instruction related to expense reimbursement policies
Reimbursement Policy
Clarifies that for any mortgage loan modification or payment deferral that is canceled but not re-entered into Fannie Mae’s system within 30 days, servicer must reimburse.
Within 60 days for any workout incentive fee previously paid by Fannie to the servicer.
Requires servicers to reimburse Fannie within 60 days of reinstatement or completion of retention workout option recoverable borrower advances collected at reinstatement.
Miscellaneous Update
Eliminated requirement for executed and recorded Form 2200 to simplify process for lenders to deliver shared equity loans; servicers must continue to service these loans.
Effectiveness
Applies to loan modifications and payment deferrals canceled on or after Oct. 1, 2024.
Mortgage loans reinstated or subject to retention workout option from Oct. 1, 2024.
