Fannie Mae recently released its servicing news for mid-August 2018 and it contains some pretty important and quality-of-life changes. These changes include Servicing Guide updates that will help simply mortgage insurance claims.
According to the report, updates to the Servicing Guide include:
Streamline the mortgage insurance (MI) claims process with MI Factor, a new approach to mortgage insurance that makes it easier to file claims and eliminates the need for supplemental filings.
Clarify our policies on inspecting and preserving properties impacted by a disaster. See the Property Preservation Matrix and Reference Guide for more details.
Increase the maximum reimbursement limit for insured loss repair inspections from $30 to $60.
For a full breakdown of the updates made to the Servicing Guide, click here.
The company has also introduced a new seller/servicer reporting calendar to help prevent professionals from missing guidelines and not uploading crucial documents to meet deadlines.
To learn more about these quality-of-life updates and more, click on the image above.