Fannie Mae issued Lender Letter LL-2018-04, announcing disaster policy updates and reminders. Pursuant to the Lender Letter, Fannie Mae increased the maximum reimbursement limit for insured loss repair inspections (inspections to confirm repairs on properties with an insured loss event). The maximum reimbursement limit is now $60 (rather than $30). Fannie Mae also permanently adopted temporary guidance regarding properties impacted by a hurricane (announced in Lender Letter LL-2017-07), and updated the guidance to apply to all properties impacted by a disaster. In addition, the Lender Letter reminds servicers that the Extend Modification for Disaster Relief (Extend Mod) and the hazard loss draft proceeds disbursement policies found in Lender Letter-2017-09 are and will remain in effect until further notice. The increased reimbursement limit applies to loss repair inspections completed on or after July 18, 2018. Servicers may begin submitting requests for reimbursement for eligible inspection costs at the new $60 limit on September 15, 2018. All other changes are effective immediately.
FHA
FHA Updates Single Family Housing Policy Handbook
FHA published an update to the Single Family Housing Policy Handbook (SF Handbook 4000.1). The update includes additions, revisions, and various technical edits to Sections
May 20, 2024
