Fannie Implements New Policies on Reverse Mortgage Loans
September 28, 2018
Fannie Mae is helping to alleviate some of the additional responsibilities servicers take on during post-foreclosure sales on reverse mortgage loans. In a Sept. 18 announcement, the GSE updated its policy and said it will now take responsibility for ground rents, co-op fees and assessments, and property taxes for certain properties in Fannie’s real estate- owned inventory. The policy change is applicable to all reverse mortgage loans. Last year Fannie also took on additional responsibilities from servicers for post-foreclosure sales. The GSE announced it would pay property taxes for acquired properties with a foreclosure sale date or final acceptance of an executed mortgage release after July 7, 2017.