Fannie Mae has issued Lender Letter 2012-04 as a follow up to Servicing Notice: Chicago’s Vacant Property Ordinance, issued on December 21, 2011. The Servicing Notices imposed restrictions on fees, taxes, fines, penalties, and maintenance obligations associated with vacant properties located within the City of Chicago. This Lender Letter notes that, effective May 1, 2012, servicers will be required to submit expense reimbursement requests using the Cash Disbursement Request (Form 571).
