Servicers wanting to be reimbursed costs for performing property maintenance tasks on Fannie Mae-linked properties, should review the government-sponsored enterprise’s latest updated Property Preservation Matrix and Reference Guide.
The guide includes new information on allowable reimbursement amounts and timelines. The GSE also expounded on new reimbursement amounts associated with upkeep activities such as cleaning gutters and repairing exterior handrails.
Servicers are encouraged to implement the updated timelines for the completion of property preservation services as soon as possible. Servicers will have to use the updated timelines on all maintenance and preservation activities that take place after Feb. 1, 2013.
Click here to access the notice.
Click here to download the updated Reference Guide from Fannie Mae’s website.