New Fnma 571 Reference Guide

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New Fnma 571 Reference Guide

New Fnma 571 Reference Guidelines

Dec 13, 2014 - The new guide will replace the 2012 Servicing Guide (as updated by Announcements) in. Additionally, Fannie Mae removed most references to, or specific. All references to “Form 571” have been replaced with “request for.

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By Anna DeSimone, President November 12, 2014, Fannie Mae released the announcement: SVC-2014-20: Introducing the New Single-Family Servicing Guide. The new guide will replace the 2012 Servicing Guide (as updated by Announcements) in its entirety. Goals of the New Servicing Guide Fannie Mae’s goals in creating the newly restructured and rewritten Servicing Guide were to make it easier for servicers to do business with Fannie Mae. The new Servicing Guide. makes it easier to locate servicing-related policies and requirements;.

streamlines policy content by moving the procedural requirements to new separate Servicing Guide Procedures;. increases readability by using tables, bulleted lists, and more descriptive topic titles; and. allows for real-time updates as policies and requirements change. Organization of the New Content.

Form 571 Reference Guide 2017

The new Servicing Guide is organized into parts that reflect the organization of a servicer’s operations. The structure within each part is further divided into subparts, chapters, sections, and topics that closely follow the mortgage loan lifecycle. All Fannie Mae servicing policies and requirements in the new Servicing Guide are located at the topic level. See the Servicing Guide Preface for an example of topics included by part and an overview of the new numbering system (similar to the numbering system of the Fannie Mae Single-Family Selling Guide). Similarly, Servicing Guide Procedures are included in part F and are divided into documents based on servicing functional area or responsibility, which may serve as stand-alone reference documents. Contents of the new Servicing Guide The new Servicing Guide contains policies and requirements from the 2012 Servicing Guide, as amended through Announcements issued since September 2, 2011. All Announcements issued through October 17, 2014, have been incorporated into the new Servicing Guide.

Fnma 571 Claim

  • Jul 15, 2015 - In an ongoing effort to simplify the communication between Fannie Mae and servicers, Fannie Mae has updated this job aid to provide additional guidance to. Are no comments providing 571 claim reimbursement instructions. On the appropriate Property Preservation Matrix and Reference Guide.
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With the new Servicing Guide, Fannie Mae. removed policies that are not required or duplicative,. aligned certain content to be consistent with the Selling Guide, and. added new policies that are being communicated through this Announcement. Policies Removed as Not Required or Duplicative In rewriting the Servicing Guide, policies and requirements that required that a servicer “should” take a specific action have been changed to “must” when required. Conversely, if the policy indicated that a servicer “should” take an action that was deemed as optional, the policy was not included in the new Servicing Guide. Additionally, Fannie Mae removed most references to, or specific requirements relating to, specific laws and regulations that are duplicative of Fannie Mae’s overarching requirement for a servicer to be in compliance with applicable law.

For the same reason, Fannie Mae removed policies and requirements related to the servicing of ARM loans that are duplicative of obligations outlined in the Fannie Mae/Freddie Mac uniform mortgage security instruments. All references to Graduated Payment ARM (GPARM) loans have been deleted because the graduated payment period for all Fannie Mae mortgage loans has expired. Content Revised to be Consistent with the Selling Guide Both the Selling Guide and Servicing Guide are incorporated into the Mortgage Selling and Servicing Contract by reference and, as such, sellers/servicers are bound by both. For ease of reference for servicer-only entities, language has been added to the Servicing Guide in lieu of a cross-reference to the Selling Guide, where applicable.

Additionally, the language in Compliance with Applicable Laws (as previously indicated in 2012 Servicing Guide Part I, Section 305.07) was revised to be consistent with the existing Compliance with Applicable Laws language in the Selling Guide.

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