June 13, 2018

Fannie Mae Announcement SVC-2018-04: Servicing Guide updates

Announcement SVC-2018-04: Servicing Guide updates The Fannie Mae Servicing Guide has been updated with changes that:

  • Provide forbearance plan options that:
    • Assist borrowers experiencing a short-term hardship; and
    • Remove the requirement for servicers to grant separate relief during the 90-day period when attempting to contact a borrower impacted by a disaster. servicing-guide-video-06132018 
  • Respond to servicer feedback by removing the time frame associated with servicer reimbursements for escrow advances on delinquent loans.
  • Clarify servicer requirements for submitting Form 1022, the Servicemembers Civil Relief Act (SCRA) Reporting and Disbursement Form.

For a summary of key updates in Servicing Guide Announcement SVC-2018-04, view the executive perspectives video presented by Jenise Hight, Director of Servicing Policy, and the executive overview from Carlos Perez, Chief Credit Officer for Single-Family.

New consolidated forbearance plan We continue to look for ways to bring simplicity and certainty to servicing by streamlining our current forbearance plan workout options into a single policy. This change will simplify the overall forbearance plan offerings into one program to create a better experience for servicers. Servicers are encouraged to implement these policy changes immediately, but no later than Dec. 1. Please contact your Fannie Mae Servicing Account Manager with any questions.

SMDU enhancements coming this weekend This weekend, we will implement enhancements to Servicing Management Default Underwriter™ (SMDU™). Please refer to the release notes for more information. During implementation, SMDU will be unavailable to process transactions from 10 p.m. ET on Friday, June 15 through 11 a.m. ET on Saturday, June 16. Visit the SMDU web page or contact your Fannie Mae Servicing Account Manager for more information.

New UI enhancements to SURF Servicer's Reconciliation Facility™ (SURF™) will be upgraded on July 7 to enhance the software and the appearance of the application. In addition, users will no longer be required to configure browser settings to Internet Explorer 8 to receive the exception messages. Google Chrome will also be compatible with this enhancement. View additional Fannie Mae technology requirements.

Updated CRS remittance codes As a component of Simplifying Servicing™, we updated the Cash Remittance System (CRS) remittance codes. A revised list of the CRS 300 series code names and descriptions is available on the CRS page.

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