Fannie Mae Revises Execution Of Legal Documents Policy, Changes Bidding Instructions Format

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On April 17, Fannie Mae issued Servicing Guide Announcement SVC-2013-09, which revises Fannie Mae’s execution of legal documents policy related to (i) quitclaim deeds, (ii) limited power of attorney, (iii) execution of assumptions, and (iv) releases of security. The policy changes are effective immediately. Also on April 17, Fannie Mae issued a servicing notice to inform servicers of a change in the format for bidding instructions to help clarify the situations in which specific bidding instructions must be used.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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