MPF Xtra PFI Advisory

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1 MPF Xtra PFI Advisory March 6, 2015 Special Attention: PFI MPF Program Management and Servicing Management If you need assistance or guidance on a particular MPF Xtra mortgage affected by the circumstances or policies addressed in this MPF Xtra PFI Advisory please contact the Master Servicer, Wells Fargo Bank, N.A., at WFMPFP@WellsFargo.com. This MPF Xtra PFI Advisory informs servicers of updates for the MPF Xtra product under the following topics: Updates to Insured Loss Events Updates to Mortgage Release Incentive Payments Issuing Bidding Instructions Issuing Bidding Instructions for All Properties Eligible for Fannie Mae s MyCity Modification Remitting Third-Party Sales Proceeds to Fannie Mae Updates to Compensatory Fees Updates to Foreclosure Time Frames Updates to Allowable Foreclosure Attorney Fees Miscellaneous Revision Each of these updates is described below. The servicer must review each topic in the Fannie Mae Servicing Guide in its entirety to gain a full understanding of the policy change(s). The updated policies in this MPF Xtra PFI Advisory are effective immediately for eligible borrowers and mortgaged property unless otherwise indicated; however, servicers are encouraged to implement all changes as soon as possible to ensure a smooth transition. PFIs are reminded to document all attempts to contact the borrower(s) by maintaining call logs and copies of any communication mailed to all borrowers, as well as thoroughly documenting any face-to-face meetings or call conversations. Each step in this process is critical to effectively MPF and MPF Xtra are registered trademarks of the Federal Home Loan Bank of Chicago, and the MPF Mortgage Partnership Finance logo is a trademark of the Federal Home Loan Bank of Chicago. MPF Xtra PFI Advisory Page 1

2 manage the loss mitigation process. Every step must be fulfilled within the defined time constraints and each event properly documented. Insured Loss Events Fannie Mae Servicing Guide Chapter B-5-01, Insured Loss Events, has been updated as follows: Removed the requirement that the servicer must submit the Report of Property (Hazard) Insurance Loss (Form 176) to the Master Servicer when the servicer has been unable to establish contact with the borrower. Instead, the servicer must follow the requirements in Fannie Mae Servicing Guide Chapter E , Performing Property Preservation During Foreclosure Proceedings, and the Property Maintenance and Management Property Preservation Matrix and Reference Guide; and Removed the requirement that the servicer credit the interest earned to the account holding insurance loss proceeds not disbursed at least quarterly. Mortgage Release Incentive Payments Fannie Mae Servicing Guide Chapter D , Fannie Mae Mortgage Release (Deed-in-Lieu of Foreclosure), has been updated as follows: Increased the borrower incentive payment for a completed Mortgage Release by up to $7,000 for a mortgage secured by any property type in the following eight jurisdictions: o Connecticut; o District of Columbia; o Illinois; o Maryland; o Massachusetts; o New Jersey; o New York; and o Pennsylvania. Clarified that the borrower incentive must be paid for a completed Mortgage Release with a 3-month or 12-month transition option within 30 days after the property becomes vacant. The servicer is required to implement the additional borrower incentive payment when the servicer issues the Fannie Mae Evaluation Notice for a Mortgage Release on or after February 1, The additional borrower incentive payment will expire on December 1, 2015; therefore, the servicer must have issued the Fannie Mae Evaluation Notice for a Mortgage Release on or before December 1, 2015 for the borrower to receive the additional incentive payment. MPF Xtra PFI Advisory Page 2

3 NOTE: The Fannie Mae Evaluation Notices Exhibit has been revised to indicate the incentive amount as a fill-able field to comply with these changes. Issuing Bidding Instructions Fannie Mae Servicing Guide Chapter E , Issuing Bidding Instructions will be updated as follows. The servicer must issue bidding instructions to the law firm for all mortgages referred for foreclosure that result in scheduled foreclosure sales. The servicer must obtain a reserve price from Fannie Mae through the Master Servicer in any of the following circumstances: when preparing bids for an uninsured conventional first lien mortgage; when applicable laws do not require the use of an appraisal report to set the bid; or if the mortgage insurer of a first lien mortgage elects not to issue bidding instructions and defers to Fannie Mae. To obtain and use a reserve price, the servicer must: Contact the Master Servicer to request the reserve price between 30 to 90 days before the scheduled foreclosure sale date. NOTE: The servicer must use the reason code Reserve Price Bid Instructions when requesting a reserve price through the Master Servicer. Contact the Master Servicer to request an updated reserve price when the expiration date of the reserve price will occur prior to the scheduled foreclosure sale date. The Master Servicer must always use an unexpired reserve price to establish the bid amount. Provide bidding instructions to the law firm in a timely manner so as not to delay, cancel, or stop a scheduled foreclosure sale. In circumstances where the servicer is unable to provide the law firm with the bidding instructions in a timely manner, it must document the mortgage servicing file accordingly. The servicer must request that the Master Servicer contact its Fannie Mae Servicing Representative to obtain bidding instructions when a property (hazard) or flood insurance claim has been filed. The servicer is no longer authorized to provide bidding instructions without direction from Fannie Mae when a property (hazard) or flood insurance claim has been filed. Bidding Instructions for an Uninsured Mortgage The following table reflects requirements for the preparation of bidding instructions for an uninsured conventional first lien mortgage. If the security property is in a state or jurisdiction that has a redemption period Then the servicer must instruct the law firm to bid an amount equal to the lesser of o 100% of the reserve price obtained from Fannie Mae; MPF Xtra PFI Advisory Page 3

4 If the security property is in a state or jurisdiction that does not have a redemption period and does not levy transfer taxes or other related fees and costs on the winning foreclosure bid, or does levy transfer taxes to which Fannie Mae s real estate transfer tax exemption applies that does not have a redemption period, but which levies transfer taxes or other related fees and costs on the winning foreclosure bid and does not recognize Fannie Mae s exemption from paying real estate transfer taxes Then the servicer must instruct the law firm to bid or o 100% of the total mortgage indebtedness; or such other amounts as may be required by applicable law (e.g., judgment amount) an amount equal to the lesser of o 100% of the reserve price obtained from Fannie Mae; or o 100% of the total mortgage indebtedness; or such other amounts as may be required by applicable law (e.g., judgment amount) an initial bid of $100 (or any other minimum amount the state requires in order for the bid to be considered valid), and continue bidding until it either: wins the bidding; or bids an amount equal to the lesser of o 100% of the reserve price obtained from Fannie Mae; or o 100% of the total mortgage indebtedness; or such other amounts as may be required by applicable law (e.g., judgment amount) If the bid amount cannot be increased because the person conducting the foreclosure is prohibited from accepting a range of bids from the servicer, the servicer must instruct the law firm to bid as if the property were in a jurisdiction with a redemption period as indicated above. For an Insured Mortgage For a mortgage covered by mortgage insurance, the servicer must bid an amount approved by the mortgage insurer. If the mortgage insurer elects not to issue bidding instructions per its guidelines, or defers to Fannie Mae for foreclosure sale bidding instructions, the servicer must follow the policies and requirements for an uninsured first lien mortgage loan. If the mortgage insurer s bidding instructions or requirements include preserving deficiency rights, and where permitted by applicable law, the servicer must preserve the mortgage insurer s right to pursue a deficiency action in accordance with the mortgage insurer s instructions. MPF Xtra PFI Advisory Page 4

5 Bidding Instructions for All Properties Eligible for MyCity Modification The servicer must follow the policies and requirements described above for the preparation of bidding instructions for all properties eligible for a Fannie Mae MyCity Modification. The Fannie Mae Servicing Guide policies and requirements related specifically to bidding instructions for all properties eligible for Fannie Mae s MyCity Modification will be removed. The servicer must implement these bidding instruction policy changes no later than March 1, 2015, for all mortgages with a foreclosure sale to occur on or after April 15, Remitting Third-Party Sales Proceeds to Fannie Mae Fannie Mae Servicing Guide Chapter E , Handling Third-Party Sales and F-1-31, Remitting and Accounting to Fannie Mae will be updated as follows. The servicer must remit the gross sale proceeds to the MPF Provider through their Principal and Interest (P&I) account and must not deduct from the proceeds any unreimbursed foreclosure expenses, delinquency advances, or other amounts. If state law requires that the sheriff deduct fees from the sale proceeds, the servicer must remit the proceeds less such deductions to the MPF Provider along with an itemization of the deducted fees. As a reminder, the servicer must remit this amount to the MPF Provider within two business days after the servicer receives the final payment from the third-party bidder. The servicer must continue to submit a request for expense reimbursement to the Master Servicer for any reimbursable expenses related to a third-party sale. The servicer must implement these policy changes no later than March 1, 2015, for all mortgages with a foreclosure sale to occur on or after April 15, Updates to Compensatory Fees Fannie Mae Servicing Guide Chapter A , Compensatory Fees for Delays in the Liquidation Process, has been updated as follows. Establishment of Minimum Aggregate Billing Effective with foreclosure sales completed on or after January 1, 2015, for a given month, a servicer will not be assessed a compensatory fee for delays in connection with a completed foreclosure if the servicer s aggregate amount for that month s compensatory fees is $25,000 or less. Furthermore, compensatory fees will not be carried over to the following month s invoice, if any. MPF Xtra PFI Advisory Page 5

6 Temporary Suspension of Compensatory Fee Assessments in Certain Jurisdictions The assessment of compensatory fees will be temporarily suspended in the following four jurisdictions, effective for foreclosure sale dates on or after January 1, 2015: District of Columbia; Commonwealth of Massachusetts; State of New Jersey; and State of New York. The suspension will last, at a minimum, for foreclosure sale dates through June 30, At the conclusion of the suspension period, Fannie Mae will update allowable foreclosure time frames for these jurisdictions and will retroactively apply their foreclosure time frames to foreclosure sale dates on or after January 1, 2015, as applicable. Upon completion of the suspension and retroactive revisions to each jurisdiction s allowable foreclosure time frame, the servicer will be billed in arrears for any compensatory fees incurred during the suspension period in a supplemental monthly billing, if applicable. The servicer will be notified of when to expect these supplemental monthly invoices and separate periods for the appeal process prior to a supplemental billing will be identified. Updates to Foreclosure Time Frames Fannie Mae increased the maximum number of allowable days for routine foreclosure proceedings for 47 jurisdictions, effective for foreclosure sales completed on or after November 1, Please review the updated foreclosure time frames in Foreclosure Time Frames and Compensatory Fee Allowable Delays on Fannie Mae s website. If the servicer fails to complete a foreclosure action within the time frame prescribed, a compensatory fee may be imposed by Fannie Mae, which the servicer will be required to pay. Updates to Allowable Foreclosure Attorney Fees Fannie Mae updated the maximum allowable foreclosure attorney fees for all Fannie Mae mortgages secured by properties located in 50 jurisdictions. The updated fees apply to all matters referred to counsel for initiation of foreclosure on or after June 1, 2012, by the present or prior servicer, provided the matter was still active as of November 17, 2014; except, however, the fee in Connecticut for a Foreclosure by Market Sale is effective for foreclosure referrals on or after January 1, For purposes of this PFI Advisory, the term active is defined as a foreclosure matter that has not yet gone to foreclosure sale, or has not been concluded by some other events, such as a Fannie Mae Mortgage Release, short sale, mortgage modification, payoff, or reinstatement. The Allowable Foreclosure Attorney Fees Exhibit on Fannie Mae s website has been updated to reflect these changes and to update certain footnote annotations. MPF Xtra PFI Advisory Page 6

7 Miscellaneous Revision Defined Expense Reimbursement Limits in Fannie Mae Servicing Guide Chapter F-1-6, Expense Reimbursement, has been revised to correct a typo to the maximum reimbursable amount for an interior property inspection to $20 per inspection. We greatly appreciate your efforts to properly service loans sold under the MPF Xtra product and to provide optimum Delinquency Management of these loans. If you have any questions, please contact your MPF Bank Representative or call the MPF Customer Support Desk at 877-INFO-MPF ( ). MPF Xtra PFI Advisory Page 7

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