MPF Xtra Servicing Guide Updates
Effective Date: Immediately (unless otherwise noted)
On September 9, 2020 Fannie Mae issued Servicing Guide Announcement SVC-2020-04 which covered the below referenced topics that are applicable to loans serviced under the MPF Xtra product:
Fannie Mae Servicing Announcement SVC- 2020-04
- Updated the Allowable Foreclosure Attorney Fees to reflect a change to the maximum allowable foreclosure attorney fees for mortgage loans secured by properties in Hawaii.
Effective: These new fees apply to all matters referred to counsel for initiation of foreclosure proceedings, regardless of referral date, as long as the matter is still active as of September 9, 2020. Servicers are encouraged to implement new fees for the impacted files as soon as possible, but must do so no later than December 1, 2020.
Incorporated the disaster payment deferral workout option introduced in LL-2020-11 the Servicing Guide.
- Updated the authority to offer an initial forbearance plan of up to three months without achieving QRPC in connection with a disaster event.
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 2020-62