On July 20th, Fannie Mae released Announcement 06-09  discussing Selling and Servicing Guide changes regarding the delivery of mortgages with a simultaneous transfer of servicing.

Lenders that have;

• been servicing the mortgages prior to delivery to Fannie Mae, but wishes to transfer or assign mortgage servicing concurrent with delivery of the mortgages to another lender that is eligible to service the mortgages for Fannie Mae,or;
• been using another lender to service the mortgages for it prior to delivery to Fannie Mae, and another lender will continue to service the mortgages after delivery to Fannie Mae,

must comply with the revised requirements. The lender that will become Fannie Mae’s servicer must also comply.

Fannie Mae's revised requirements address the same interests and concerns that underlie its requirements for post-delivery servicing transfers, as stated in the Servicing Guide. However, there are differences in the requirements because the at-delivery and post-delivery circumstances differ.

The two sections of the Guides that have been amended are;

• Selling Guide
  Part I: Lender Relationships; Chapter 2, Contractual Relationship; Section 203, Concurrent Servicing Transfers.
  This section, formerly titled "Assignment of Servicing," has been re-titled as: "Concurrent Servicing Transfers" and has been revised.

• Servicing Guide
  Servicing Guide Part I: Lender Relationships; Chapter 2, Contractual Relationship; Section 201.05, Concurrent Servicing Transfers.
  This section, formerly titled "Assignment of Servicing," has been re-titled as: "Concurrent Servicing Transfers." The text of that section has been revised to cross-reference to the Selling Guide.

Lenders and servicers are advised to address any questions regarding this announcement to their Customer Account Team, Portfolio Manager, or Servicing Consultant.

To view the Announcement, including the full text of the revised sections, please click on the following link.

Fannie Mae Announcement 06-09 Transfer of Servicing at Delivery