On July 1, Fannie Mae released Announcement SVC-2014-13: Alternative to Repurchase for Mortgage Insurance Rescission, as well as a technology update.
Announcement SVC-2014-13: Alternative to Repurchase for Mortgage Insurance Rescission
In Announcement SEL-2014-05: Lender Selling Representations and Warranties Framework Updates, Fannie Mae introduced an alternative to repurchase for certain mortgage loans for which the mortgage insurance has been rescinded, known as an "MI stand-in". This Announcement describes the process the servicer (or the responsible party) must follow to be considered for an MI stand-in.
Changes to Servicing Reports in Message Manager
Fannie Mae plans to add the following servicing reports, currently emailed to applicable servicers by Fannie Mae Exceptions Transactions Management or Investor Reporting analysts, to the servicing report distribution in Message Manager effective July 30 and 31, 2014:
- The Loan Readd Detail Report (LRDR)
- The Servicemembers Civil Relief Act (SCRA) Cash Report