Fannie Mae Issues Servicing Guide Announcement SVC-2021-01
Fannie Mae issued Servicing Guide Announcement SVC-2021-01, regarding certain updates to its Servicing Guide, including the extension of automatic reclassification time frame for delinquent MBS mortgage loans, as well as updates to the delinquency status reporting for a disaster payment deferral and remote online notarization requirements.
Effective January 2021, the automatic reclassification time frame for delinquent MBS mortgage loans has changed from four consecutive months of delinquency to 24 consecutive months of delinquency.
Effective immediately, servicers who use a processing month to complete a disaster payment deferral are no longer required to report the same delinquency status code when reporting the previous month’s delinquency status information. If no other delinquency code is applicable and the mortgage loan reflects as current in Fannie Mae’s investor reporting system, servicers are not required to report delinquency status information in that month in which the disaster payment deferral is completed.
Servicers may take advantage of Fannie Mae’s updates to remote online notarization requirements, which include additional details regarding system requirements, the list of states where remote online notarization is permitted, and, certain requirements for remote online notarization for states where remote online notarization is not permitted.
