This Single-Family Seller/Servicer Guide Bulletin: revises certain investor reporting and default management criteria in the Servicer Success Scorecard; requires that all servicers be set up to receive reimbursement of expenses and payment of incentives via ACH credit entries into their commercial checking accounts; provides greater detail related to requesting reimbursement on Mortgages insured by the FHA or guaranteed by the VA or RHS not subject to recourse or indemnification; revises requirements for the modification of a mortgage in a bankruptcy plan; provides additional detail regarding who must execute Guide Form 720 (the Dodd Frank Certification) to be eligible for a HAMP Year Six “Pay for Performance” incentive; revises EDR requirements for mortgages in repayment plans; provides greater detail on the reporting requirements for law firms retained for Freddie Mac Default Legal Matters; and provides further updates and revisions as described in the Additional Guide Updates and Reminders section.
Fannie Mae
Fannie Mae Updates Area Median Incomes used to Determine Borrower Eligibility for HomeReady, RefiNow and Duty to Serve Loans
Fannie Mae updated the area median incomes (AMIs) used to determine a borrower’s eligibility for HomeReady, RefiNow, and Duty to Serve loans. The 2024 AMIs
May 13, 2024
