Fannie, Freddie Update Servicing Guides
Fannie Mae last week issued several updates to its servicing guides related to servicing transfer welcome calls and the collection of escrow shortages during mortgage modifications. The GSE also issued a revised manual on reverse mortgage loan servicing, which reflects updates to expense reimbursement claim submissions and mortgage loan status codes.
Concurrently, Freddie Mac announced updates to servicer requirements on subsequent transfers of servicing and borrower-paid mortgage insurance, and various other changes that will streamline servicer responsibilities in canceling borrower-paid mortgage insurance. Freddie also modified its escrow shortage collection requirements. View Fannie Mae's updates. View Freddie Mac's updates.