Fannie Mae is making an effort to help reverse mortgage servicers efficiently work through post-foreclosure responsibilities, with a new update to the Reverse Mortgage Loan Servicing Manual, according to a recent report.
"Under the changes to its Reverse Mortgage Loan Servicing Manual, Fannie Mae will assume responsibility for ground rents, co-op fees and assessments, and property taxes 'for certain properties in Fannie Mae’s REO inventory,'" according to Reverse Mortgage Daily.
"The changes will take effect October 1 and apply to all reverse mortgage loans, according to announcement RVS-2018-03, released last week."
The company is now taking responsibility when it comes to "paying property taxes for all acquired properties in REO inventory."
Reverse mortgage professionals like Celink VP of Foreclosure, Kevin Paperd believes that this new update will bring "regularity to the reverse mortgage servicing process."
To learn more about the updates to Fannie Mae's Reverse Mortgage Loan Servicing Manual, click on the image above.