Fannie Mae Updates Servicer Toolkit
Fannie Mae, Washington, D.C., last week updated its Servicer Toolkit, providing new content and resources for mortgage servicers.
The toolkit went live in late October 2020. It is an extension of Fannie Mae’s ongoing #HereToHelp campaign and will extend further into 2021. The toolkit includes information servicers need to guide homeowners through the forbearance process, plus options available once they are ready to exit forbearance.
The toolkit compiles key resources for servicers based on the top 5 pain points they are experiencing (based on Customer Care survey results and incoming phone calls), noted below.
Loss Mitigation
The impact of the COVID-19 pandemic has required servicers to make staffing adjustments in order to address the influx of borrower requests while managing a remote work environment. The toolkit provides resources that will help support discussions with borrowers about loss mitigation options, including:
–Guidance and eligibility requirements for COVID-19;
–How to initiate a forbearance request using the Fannie Mae Asset Management Network;
–Forbearance explained: a COVID-19 response resource for servicers; and
–Homeowner Retention Options training modules for understanding forbearance and hardship.
Available Workout Options
This section enables servicers to get familiar with terms and how to determine eligibility and answer questions about workout options. Resources to support discussions with borrowers about their options after a resolved COVID-19 financial hardship include:
–Script for borrowers with a resolved COVID-19 hardship;
–Workout hierarchy of options after forbearance;
–Options after a forbearance plan or resolved COVID-19 hardship;
–Information about the Fannie Mae Flex Modification; and
–Homeowner Retention Options training modules.
Payment Deferral
This section shows how to evaluate and submit a payment deferral option for borrowers impacted by COVID-19 or a disaster event. Resources available to support discussions with borrowers about payment deferral options include:
–Guidance and eligibility requirements for servicers;
–Script for borrowers with a resolved COVID-19 hardship;
–Fannie Mae Servicing Management Default Underwriter™ UI Payment Deferral Options User Guide;
–Overview of the COVID-19 payment deferral program;
–Payment Deferrals Matrix job aid for servicers; and
–Homeowner Retention Options: three modules on payment deferral.
Investor Reporting
This section provides a review of investor reporting requirements, especially for payment deferrals, to comply with timely submissions, including:
–an investor reporting and remitting webinar;
–an investor reporting and remitting calendar;
–an introduction to investor accounting; and
–an investor reporting manual.
Increased Volume of Work
The housing market is relying on mortgage servicers more than ever as the number of borrowers facing financial hardships due to COVID-19 increases. The following resources are available to provide insight into both Fannie Mae requirements and recommended practices for managing a servicing book of business while successfully navigating market disruptions, such as COVID-19:
–Guidance and eligibility requirements for servicers;
–Self-Assessment: mortgage servicer COVID-19 response;
–Servicers and business continuity; and
–Weekly Selling + Servicing News email updates.
Fannie Mae said it has been analyzing results and continually refreshes information to reflect new challenges and pain points.
