Fannie Mae announces updates to the Servicing Guide for the following: removal of property-level earthquake insurance requirement on mortgage loans for all Puerto Rico properties, and on Guam properties constructed of masonry construction; incorporation of the payment deferral policy communicated in LL-2020-05, incorporation of the incentive fees for retention workout options as outlined in LL-2020-09; and updates to accurately reflect the day of the month in which Fannie Mae will draft guaranty fees and guaranty fee buydown charges from servicer’s designated custodial account.
