Effective Date: Immediately (unless otherwise noted)
On July 15, 2020 Fannie Mae published several servicing updates all issued respectively, which cover the below referenced topics that are applicable to loans serviced under the MPF Xtra product:
Fannie Mae Servicing Announcement SVC- 2020-03
- Simplified loss draft disbursement policies for Servicers while managing risk.
- Revised post-disaster credit reporting requirements, by removing instructions to suspend credit reporting for Borrowers impacted by a disaster.
- Authorized Servicers to not send a payment reminder notice to Borrowers in an active forbearance plan.
Fannie Mae Lender Letter LL-2020-05: Payment Deferral
- Please note the update on how servicing fees, guaranty fees, and excess servicing fees (if applicable) will be reimbursed for mortgage loans does not apply to MPF Xtra. The Servicer will receive these funds upon liquidation of the mortgage loan in accordance to MPF Xtra Servicing guide Section 3.1 Servicing Fees.
Fannie Mae Lender Letter LL-2020-09: Incentive Fees for Retention Workout Options
- Revised the retention workout option incentive fee table to incorporate the incentive fee for a disaster payment deferral.
Fannie Mae Lender Letter LL-2020-11: Disaster Payment Deferral
- Introduced a disaster payment deferral to assist Borrowers with a disaster-related hardship return their mortgage loan to a current status after up to 12 months of missed payments.
To gain a full understanding of these topics, Servicers should review the entire Fannie Mae Lender Letters plus any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcement.
- MPF Announcement 2020-48