On February 1, Fannie Mae issued a Servicing Notice requiring servicers to submit a Servicer Selection Form (Form 200) to Fannie Mae for each law firm the servicer will retain for default-related services. If a law firm practices in multiple jurisdictions, Fannie Mae requires a servicer to submit a Servicer Selection Form for each jurisdiction in which the servicer intends to retain the firm. The notice also provides a link to a step-by-step guide for completing and submitting Form 200.
On February 5, Fannie Mae published the first issue of The Quarterly Compass, a new newsletter providing projected timelines on upcoming key Fannie Mae initiatives and changes that may impact lenders’ and vendors’ operations, systems, and processes. The first issue includes, among other things, (i) a Quarterly Initiatives Timeline, (ii) a ULDD Phase 2 update, and (iii) information about loan delivery updates.