This is a reminder that the updates outlined in a previous announcement will take effect on August 30, 2019. These changes were originally scheduled to take effect on March 1, 2019, but FNMA postponed their mandatory date to September 1, 2019 (see FNMA SVC-2018-08). Servicers are permitted to institute the changes made to FNMA’s PMI cancellation requirements at any time prior to September 1, thus we will be implementing the changes to our documents a day early, due to Labor Day weekend. The changes will be implemented by globally mapping Field 131635 “Use 2019 FNMA PMI Cancellation Requirements” to ‘Yes’. This mapping is on Stage servers now for testing.
If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.