Fannie Mae Uninsured and Insured Loss Events Guide Updates
In efforts to reduce the cost of servicing, Fannie Mae updated their Servicing Guide to reflect they will reimburse servicers for insured loss repair inspection fees for all mortgage loans where confirmation of property repairs is required. This announcement is an extension of the reimbursement policy that applied to loans impacted by disasters. Servicers may request reimbursement of up to $30 for each required insured loss repair inspection incurred on or after December 13, 2017. The reimbursement request period varies by loan status. For current mortgage loans, request for reimbursement must be submitted no later than one year after the costs are incurred. Servicers should refer to the time frames in section E-5-01, Requesting Reimbursement for Expenses, for insured loss repair inspection costs associated with delinquent loans.
In addition, Fannie is updating the Servicing Guide to reflect a recent policy change announced in Lender Letter LL-2017-07, removing the requirement that servicers report damage after an uninsured loss event.
For complete details on these topics, please review the following:
Fannie Mae Servicing Guide section B-5-01
Fannie Mae Servicing Guide section F-1-05
Fannie Mae Servicing Guide section E-5-01
Fannie Mae Servicing Guide section B-5-02