Fannie Mae issued Reverse Mortgage Servicing Manual Announcement RVS-2017-01 (Announcement), setting forth updates to the Reverse Mortgage Loan Servicing Manual (Manual). In accordance with the Announcement, servicers are no longer required to pay homeowner’s or condominium association fees and assessments, or property taxes for properties acquired through foreclosure (unless otherwise directed to do so by Fannie Mae). In addition, the content in 2-02 of the Manual (regarding maintenance of custodial documents) has been deleted and servicers are now instructed to refer to the Selling Guide for applicable policies. Elimination of the requirement to pay homeowner’s or condominium association fees and assessments, or property taxes for properties acquired through foreclosure is effective for all mortgage loans with a foreclosure sale date or mortgage release date occurring on or after July 1, 2017.
Click here to view the Fannie Mae Reverse Mortgage Loan Servicing Manual Announcement
