Fannie Mae issued Servicing Guide Announcement SVC-2021-03 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae:
- provided an alternative means of verifying borrower income and asset information through the use of third-party vendors;
- clarified when the borrower must make their full monthly contractual payment during the month of solicitation for a disaster payment deferral;
- streamlined the method to obtain loss mitigation valuation information into a single platform;
- updated requirements for filing IRS forms 1099-A and 1099-C on FNMA’s behalf;
- amended the Fannie Mae Software Subscription Agreement Master Terms and Conditions; and
- clarified verbiage related to hazard loss disbursements.
Revisions related to streamlining the method to obtain loss mitigation valuation information into a single platform is effective July 19, 2001 (servicers are, however, encouraged to implement this revision June 21, 2021). Revisions related to requirements for filing IRS forms is effective September 1, 2021 (servicers are, however, encouraged to implement this revision immediately). All other revisions are effective immediately.
Click to view the Fannie Mae Servicing Guide Announcement SRV-2021-03: https://www.tenaco.com/wp-content/uploads/2021/06/Fannie-Mae-Servicing-Guide-Announcement-SRV-2021-03-06-09-21.pdf
