Fannie Mae issued Servicing Guide Announcement SVC-2023-05 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae:
- Updated Form 3179 (Loan Modification Agreement) to require the inclusion of 2 new provisions for mortgage loans secured by a property in New York where the mortgage loan has been accelerated for at least 48 months;
- Updated Form 3179 (Loan Modification Agreement) to include a provision applicable to all mortgage loan modifications in which the borrower, to the extent permitted by applicable law, agrees to waive the right of set-off, counterclaim, or defense to the obligations in the Note and security instrument; and
- Updated minimum requirements for all law firms selected and retained for
default-related legal services.
Revisions related to Form 3179 are effective for all Loan Modification Agreements sent to the borrower for signature on and after January 1, 2024 (servicers are, however, encouraged to implement these changes immediately). Revisions related to firm minimum requirements are effective February 1, 2024 (servicers are, however, encouraged to implement these changes immediately).
Click to view the Fannie Mae Servicing Guide Announcement SVC-2023-05: https://www.tenaco.com/wp-content/uploads/2023/10/Fannie-Mae-Servicing-Guide-Announcement-SVC-2023-05-10-11-23.pdf
