Fannie Mae issued Servicing Guide Announcement SVC-2022-03 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae:
- Eliminated the requirement to provide unrecorded assignments of mortgage from the servicer to Fannie Mae for mortgage loans not registered with MERS unless Fannie Mae specifically requests the assignments;
- Updated the cutoff time to add or update existing drafting instructions via the Cash Remittance System (CRS) from 3:00PM ET to 8:00PM ET one day prior to the effective date;
- Updated the reporting of default-related matters to require law firms to use Fannie Mae’s new Default Reporting Application; and
- Now requires servicers to use the CRS instead of the Authorization for Automatic Transfer of Funds (Form 1072) to manage drafting instructions for mortgage-backed security principal & interest remittances, guaranty fee remittances, and reverse mortgage loan remittances.
Revisions related to law firm reporting requirements are effective July 1, 2022. All other updates are effective immediately.
Click to view the Fannie Mae Servicing Guide Announcement SVC-2022-03: https://www.tenaco.com/wp-content/uploads/2022/05/Fannie-Mae-Servicing-Guide-Announcement-SVC-2022-03-05-11-22.pdf
