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Fannie Mae Servicing Guide Announcement SVC -2013-26: Reverse Mortgage Loans


Servicing Guide Announcement SVC-2013-26

December 18, 2013

 

Reverse Mortgage Loans

Reverse Mortgage Loan Servicing Manual, Chapter 2, Section 212.05: Acceptance of Deed-in-Lieu

Servicers are no longer required to refer deed-in-lieu of foreclosure offers for Home Equity Conversion Mortgages (HECMs) to Fannie Mae for approval. This policy change applies only to HUD-insured HECMs, and not to Fannie Mae Home Keeper® mortgages. Servicers should continue to follow the existing process for all deed-in-lieu offers for Home Keeper mortgages, as described in the Reverse Mortgage Loan Servicing Manual.

 

 

Effective Date

Servicers are required to implement this policy change immediately.

 

 

Servicers should contact their Servicing Consultant, Portfolio Manager, or Fannie Mae’s National Servicing Organization’s Servicer Support Center at 1-888-FANNIE5 (1-888-326-6435) with any questions regarding this Announcement.

 

Please click here to view the online Announcement