May 2022 NAMFS Industry Pricing Initiative Update
NAMFS is pleased to provide this update to the Mortgage Field Services Industry regarding this important initiative. We encourage our members to share this information with their network.
As previously reported, NAMFS was able to present our Mortgage Field Services Pricing Discussion and Industry Pricing Pledge to Fannie Mae (FNMA) on March 10, 2022. At that time Fannie Mae indicated they would add our information to their review of pricing. NAMFS is pleased to report that in Fannie Mae’s May 4, 2022 update to LL-2021-02 they announced an increase in their pricing for exterior and interior inspections. The new allowable for these services increased $5 for each service. These allowables, which are effective for work completed on or after May 4, 2022, are $20 for exterior inspections and $25 for interior inspections. The link to this Lender Letter can be found HERE, with the information specific to the inspections allowable found on page 5. NAMFS understands that there are many factors that impact the timing of pricing to direct service providers, including contractual issues with servicers. We have had positive conversations indicating evaluations are in process.
NAMFS was also able to present the Pricing Initiative information to HUD/FHA on April 25, 2022. The conversation was positive and additional information was shared through a question-and-answer session. As with FNMA, HUD has requested additional information specific to improvements in policies and/or procedures. We look forward to additional conversations.
NAMFS continues to work on a potential Industry Standard Inspection form with our Industry Solutions Group. Once complete this form will be shared with our Board of Directors and upon approval with FNMA and HUD. We have also started working on the HUD request and would appreciate feedback from members. Additionally, although there has been an increase in the inspections allowable, we continue to review and evaluate if this is sufficient.
We continue to accept support for this initiative and signed pledges. If you have questions regarding this communication, please contact NAMFS at 888-292- 8631 ext. 1 or eric.miller@namfs.org