Fannie Mae Issues SVC-2014-05 Modification Updates, Two Servicing Notices

On March 28, Fannie Mae issued Servicing Guide Announcement SVC-2014-05 regarding standard and streamlined modification updates, as well as servicing notices pertaining to mortgage loan reporting and allowable foreclosure attorney fees.

Announcement SVC-2014-05: Fannie Mae Standard Modification and Streamlined Modification Updates
In this Announcement, Fannie Mae is updating the modification terms for mortgage loans with pre-modified mark-to-market LTV ratios less than 80%. It supersedes and replaces SVC-2013-28, Fannie Mae Standard Modification and Streamlined Modification Updates, in its entirety. This Announcement also updates requirements related to the Evaluation Notice, solicitation letter, and Trial Period Plan.

Servicing Notice: Late or Inaccurate Mortgage Loan Reporting
This Notice announces that effective May 1, 2014, Fannie Mae will begin issuing warning letters to and assessing compensatory fees on servicers that submit late or inaccurate reports.

Servicing Notice: Updates to Allowable Attorney Foreclosure Fees
This Notice announces that Fannie Mae is updating the maximum allowable foreclosure attorney fees for mortgage loans secured by properties in the state of New York. The Allowable Attorney and Trustee Foreclosure Fees exhibit on Fannie Mae's business portal reflects these changes and corrects an error in the footnote annotations for certain states.