Fannie Mae issued Servicing Guide Announcement SVC-2024-02 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae revised the instructions to Form 3179 (Loan Modification Agreement) to require the inclusion of 2 new provisions for mortgage loans secured by property in New York (in response to New York’s Foreclosure Abuse Prevention Act) and to update an instructional provision related to Mortgage Electronic Registration Systems (MERS). In addition, Fannie Mae removed the instructional language from the Evaluation Notices related to HAMP and eligibility for borrower “pay for performance” incentives. Revisions related to the Loan Modification Agreement are effective for all Loan Modification Agreements sent to the borrower for signature on and after July 1, 2024 (servicers are, however, encouraged to implement these changes immediately). Revisions related to the Evaluation Notices are effective June 1, 2024 (servicers are, however, encouraged to implement these changes immediately).
Click to view the Fannie Mae Servicing Guide Announcement SVC-2024-02: https://www.tenaco.com/wp-content/uploads/2024/03/Fannie-Mae-Servicing-Guide-Announcement-SVC-2024-02-03-13-24.pdf
