Announcement SVC-2024-07 – Servicing Guide Update
Administrative update to GSE servicing fee schedules and process clarifications
Advisory Assessment
Impact. This routine Fannie Mae servicing guide update adjusts reimbursable fee schedules upward and clarifies existing processes without creating new compliance obligations. Your servicing operations will need to update internal fee schedules for foreclosure and bankruptcy attorneys, raise the mortgage release document preparation cap to $650, and implement prorated compensation calculations for incomplete legal work.
Risk. The primary exposure sits with vendor management and payment processing systems that may not automatically reflect the updated fee schedules. Servicers risk under-reimbursing allowable costs or failing to implement the prorated attorney compensation requirements, both of which could trigger GSE audit findings during routine servicing reviews.
Recommended Action. Direct your servicing operations team to inventory current attorney fee agreements and payment systems against the new schedules, then coordinate with vendor management to update contracts and system parameters before the April 1, 2025 deadline. Ensure your legal department reviews the prorated compensation requirements for any operational guidance gaps.
Watch. Monitor for additional GSE servicing guide updates through year-end 2024, as Fannie Mae typically bundles administrative changes in quarterly releases that may affect the same operational workflows.
Classification
- Regulatory Program
- GSE Servicing Standards
- Doc Type
- Guidance
- Effective Date
- 2025-01-01
- Days to Action
- -561
- Comment Deadline
- —
- Published
- 2024-12-18
Urgency Basis
Latest compliance deadline is April 1, 2025, which is more than 180 days from reference date of May 16, 2026
Operational Context
Impact by Category
Key Requirements
Scoring Rationale
This is a routine GSE servicing guide update with administrative changes to fee schedules and process clarifications. The increases to allowable attorney fees and document preparation costs represent incremental operational adjustments rather than new regulatory obligations. The HECM claim submission change is purely administrative, removing references to a retired system. Impact is limited to mortgage servicers with Fannie Mae portfolios and requires straightforward system and process updates.