Fannie Mae has released Announcement 08-01 amending the Selling and Servicing Guides. This Announcement includes several topics that are intended to update current policy, communicate new requirements, clarify existing requirements, and correct a prior Announcement.

Servicing Guide Part III, Chapter 8, Balloon Mortgage Maturity, Section 803.02, Required Legal Instruments and Section 805.03, Delivery Documentation has been updated.

Fannie Mae has updated the Delivery Transmittal Form 278 as follows:

• removed the Lead Regional Code box
• removed reference to MORNET® and tape delivery
• replaced reference to Airborne with DHL, and
• added a line for identification of the lender’s contact person's email address.

Form 278 is currently used as a summary sheet and transmittal letter for custody documents that are sent to Fannie Mae’s Document Delivery Facility (DDF) as a part of the initial loan package. Form 278 may also be used when it might be unclear why documents are being submitted or the transaction to which they pertain is unknown. Form 278 should be used for documents held by DDF relating to both cash and MBS transactions.

The updated Form is generated via the Loan Delivery application and is also available as an interactive form on www.efanniemae.com. Once there, select "Forms & Documents" from the "Single-Family" drop down menu. Then select "Forms," and scroll down the numerical list of forms to Form 278. Lenders may begin using the revised Form immediately.

To view the Announcement in its entirety, including the updates to the Selling Guide, please click here.

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, OH  and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 450 employees.  Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.