Fannie Mae released its January 3 Servicing News updates and it features a few key developments that mortgage professionals should be aware of. These updates include, extend mod for disaster relief, an update on excess attorney foreclosure fees for select states and U.S. territories, line item updates and more.
"Additional relief to borrowers impacted by natural disasters is available in the new Extend Modification for Disaster Relief, which brings an eligible borrower's loan current without having to incorporate capitalization," according to the report.
"This new modification type was implemented in Servicing Management Default Underwriter (SMDU) on Nov. 18, 2017, and servicers are required to evaluate borrowers for the Extend Modification for Disaster Relief no later than Feb. 1, 2018."
In addition to the disaster relief extend mod, the company also mentioned that there are updates to the excess attorney foreclosure fees specifically for Florida, Texas, Georgia, Puerto Rico and the U.S. Virgin Islands.
For a more in-depth look at these updates, click on the image above.