On December 20, Fannie Mae issued SVC-2023-06, announcing updates made to its Servicing Guide. The updates include new financial reporting requirements requiring large non-depository sellers/servicers to submit a Mortgage Banker’s Financial Reporting Short Form (Form 1002A) within 30 days of the end of each month, beginning May 31, 2024 for the April 2024 monthly reporting. An additional change to the Servicing Guide involves a revised policy for loans transferred to an LLC, eliminating the specific timing requirement for the title transfer and instead directing sellers to refer to the Selling Guide for guidance on the timing requirement. This policy clarification is effective immediately. The announcement also contains, among other miscellaneous changes, an updated Special Lender Approval Form (Form 1000A) that improves the application process for sellers and servicers applying to sell or acquire a particular renovation mortgage.
