Fannie Mae Updates Mortgage Loan Rating Classifications and Servicer Watchlist Submissions

Multifamily Mortgage Business Guide Update 18-03

Effective May 14, 2018, Fannie Mae is updating Part V, Chapter 6 – Watchlist Management, of the Multifamily Selling and Servicing Guide (“Guide”) to: • clarify that Mortgage Loans that would otherwise by identified as Pass Watch Mortgage Loans are not eligible for identification as Special Mention; and • remove from the definition of a Mortgage Loan identified as Special Mention the existence of unanticipated deferred maintenance at the Property requiring attention by the Borrower

Changes Fannie Mae is clarifying the definitions of Mortgage Loans identified as Pass Watch and rated as Special Mention. The Mortgage Loans identified as Special Mention must only be Mortgage Loans that would otherwise be identified as Pass. Additionally, Mortgage Loans with unanticipated deferred maintenance at the Property requiring attention by the Borrower are no longer identified as Special Mention. Please see the actual Guide chapter for full details and other minor editorial changes.

Effective Date This Guide Update is effective May 14, 2018. Questions Please contact David Miller at david_w_miller@fanniemae.com or (202) 752-6297, or John Collins at john_p_collins@fanniemae.com or (617) 345-8041, with any questions. Associated Documents On the Effective Date, the updated Guide chapter will be published on AllRegs. • Part V, Chapter 6 – Watchlist Management (clean and blackline)

Source: https://www.fanniemae.com/content/announcement/gu1803.pdf

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