NAMFS is pleased to share that on August 9, Freddie Mac published their Servicing Guide Update 2023-17. Included in this update are increases to expense reimbursables for inspections and a few property preservation services, which is a primary focus of the NAMFS Industry Pricing Initiative. The Inspection allowable aligns with Fannie Mae’s March 2023 announcement. This alignment in pricing is another key component of our Industry Pricing Initiative. If you click the link in the second bullet point of the update titled – Expense reimbursement for preservation and maintenance of vacant properties, it will display the updated expense reimbursement items in a table.
NAMFS continues its efforts on Year 2 of the Industry Pricing Initiative with updated information for 2023, how that impacts Inspections, and detailed information on ten (10) specific services in Property Preservation. We identified the cost of these services in two (2) distinct ways, a blended cost estimator and a NAMFS Member Survey. In the first approach, NAMFS obtained cost information for each of these services by utilizing four (4) industry-accepted cost estimator tools in eight (8) MSAs across the nation. This information was then blended into a single cost for each service. The NAMFS Member Survey obtained information from the entire supply chain along with feedback related to time and material costs to obtain a single cost for each service.
NAMFS is currently in the process of finalizing meetings to present this updated information to Industry Investors and Insurers. This information will also be part of our discussions at our 2023 NAMFS Leadership Summit in September.