December 20, 2012
Update to Property Preservation Matrix
Fannie Mae has updated the Property Preservation Matrix and Reference Guide with new allowable reimbursement amounts and timelines. The updated Property Preservation Matrix and Reference Guide is available on Fannie Mae’s website.
New Allowable Reimbursement Amounts
Servicers will be reimbursed costs as referenced in the updated Property Preservation Matrix and Reference Guide for performing property maintenance functions to maintain the condition and appearance of the property to Fannie Mae standards. Fannie Mae has also added new allowable reimbursement amounts for certain activities, such as for cleaning gutters and installing or repairing exterior handrails.
Servicers are reminded that in cases where the cost of the contemplated preservation amount exceeds the Fannie Mae allowable reimbursement amount, the servicer must submit a reimbursement request via HomeTracker®.
Timelines and Completion Schedules
The updated Property Preservation Matrix and Reference Guide also provides clarification on timelines for the completion of property preservation activities. Servicers are strongly encouraged to implement the new timelines as soon as possible; however, servicers must do so for all maintenance and preservation activities conducted on and after February 1, 2013.
All other requirements as described in the Servicing Guide, Part VIII, Section 108: Property Maintenance and Management, remain unchanged.
If servicers have questions about this process or about access to HomeTracker, contact the Property Cost Management team at firstname.lastname@example.org.
Full Property Preservation Price Matrix and Reference Guide below…
Fannie Mae Property Preservation Price Matrix and Reference Guide