Fannie Mae Servicing Guide Updates
Cenlar has implemented the following Fannie Mae Servicing Guide requirements as it pertains to Insured Loss Events and Mortgage Release Incentive Payments prior to the February 1st deadline.
Insured Loss Events – (Servicing Guide D2-3.3-02, Fannie Mae Mortgage Release (Deed-in-Lieu of Foreclosure)
- Cenlar as “the servicer” has implemented the removal of requirements that the servicer must submit the Report of Property (Hazard) Insurance Loss (Form 176) when the servicer has been unable to establish contact with the borrower.
- In addition, we have also removed the requirement that the servicer credit the interest earned to the account holding insurance loss proceeds not disbursed at least quarterly.
Mortgage Release Incentive Payments – (Servicing Guide D2-3.3-02, Fannie Mae Mortgage Release (Deed-in-Lieu of Foreclosure)
- Updated procedures in the evaluation notice to the borrower to reflect the increased borrower incentive payment for a completed Mortgage Release by up to $7,000 for a mortgage loan secured by any property type in eight jurisdictions.