Servicing Guide

The Servicing Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. You may also download the entire Servicing Guide in PDF format.

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Where can I find the COVID-19 Frequently Asked Questions - Servicing?

The Fannie Mae COVID-19 Frequently Asked Questions- Servicing document can be found here

See below for more information on COVID-19:

Related Articles

Where can I find LL-2020-02, Impact of COVID-19 on Servicing?

Fannie Mae Lender Letter (LL-2020-02), Impact of COVID-19 on Servicing can be found here   ...

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What are Fannie Mae’s expectations of a seller or servicer if its mortgage operation is impacted due to a pandemic?

Consistent with the requirements in Business Continuity and Disaster Recovery in Selling Guide A4-1-01, Maintaining Seller/Servicer Eligibility, we expect...

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Do Fannie Mae’s existing disaster policies in the Servicing Guide apply to the COVID-19 pandemic?

No, Fannie Mae’s existing Servicing Guide policies related to disaster events do not apply to borrowers impacted by COVID-19.  Instead,...

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Does Fannie Mae offer any assistance to borrowers that are impacted by COVID-19?

If a borrower contacts a servicer indicating they are impacted by COVID-19, the servicer must determine if the borrower has experienced an eligible...

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What is a forbearance plan?

A forbearance plan is a retention option in our workout hierarchy for a borrower with an eligible hardship that is temporary in nature and has not been...

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Can a servicer evaluate a borrower for a forbearance plan without obtaining a complete Borrower Response Package (BRP)?

Yes, a servicer is authorized to evaluate the borrower for a forbearance plan without receiving a complete BRP.  The servicer is not required to...

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How long can a forbearance plan last?

Generally, a forbearance plan is offered based on the borrower’s individual facts and circumstances for an initial period of up to 6 months. However,...

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During a suspended payment forbearance plan, what happens to the interest on the mortgage loan?

During a forbearance plan, interest is not paid but still accrues.  After the forbearance plan is complete, if the borrower is approved for another...

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What happens once the forbearance plan is completed?

After the forbearance plan is completed, one of the following must occur:  the mortgage loan must be brought current through a reinstatement; ...

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Is QRPC required to offer a forbearance plan to a borrower impacted by COVID-19? Does Fannie Mae require that the servicer achieve QRPC verbally?

QRPC is required to offer a forbearance plan to a borrower impacted by COVID-19. However, Fannie Mae does not dictate the method by which QRPC is achieved....

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Will Fannie Mae suspend foreclosures for borrowers impacted by COVID-19?

On March 18, 2020, Fannie Mae instructed that servicers must suspend all foreclosure sales for the next 60 days. This foreclosure suspension does not...

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When does the servicer get reimbursed for P&I it advances on a delinquent MBS mortgage loan, and what is the reimbursement process?

For mortgage loans with a scheduled/scheduled (MBS/SWAP) remittance type, Fannie Mae drafts monthly scheduled principal and scheduled interest from the...

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Will credit reporting be suppressed for borrowers that are impacted by COVID-19?

The servicer must suspend reporting the status of a mortgage loan to credit bureaus during an active forbearance plan, or a repayment plan or Trial Period...

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COVID-19 may cause issues with completion of appraisals and inspections. What if…

COVID-19 may cause issues with completion of appraisals and inspections. What if… the borrower will not let an appraiser into his or her home? an...

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How should a servicer handle a request for an appraisal or a BPO for borrower-initiated termination of conventional MI based on the original value of the property or the current value of the property?

As a reminder, when a borrower requests mortgage insurance termination based on the original or current value of the property and a BPO or appraisal is...

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Are there additional resources for borrowers impacted by COVID-19?

Our Disaster Response Network (DRN) is operational and can be used to assist borrowers who are financially impacted by COVID-19. The DRN has trained...

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Where can I find Lender Letter (LL-2020-05), Payment Deferral?

Lender Letter LL-2020-05 Payment Deferral can be found here.   ...

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Are mortgage loans subject to a payment deferral purchased out of MBS pools or will they remain in the pool?

Mortgage loans that receive a payment deferral will remain in the mortgage-backed security (MBS) trust. Note: This Q&A may be published on Fannie Mae&#...

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What does "date of evaluation" mean?

The Fannie Mae Servicing Guide does not define “date of evaluation” for purposes of determining eligibility for payment deferral.  In...

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If the program goes into effect July 1, how does the borrower become eligible for a payment deferral?

As of the date of evaluation, the mortgage loan must be 30- or 60-days delinquent (i.e., the borrower is not past due for more than two full monthly...

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How does a payment deferral work if a borrower has been in a forbearance plan prior to evaluation for a payment deferral?

To be eligible for a payment deferral, the borrower must meet all eligibility criteria in LL-2020-05, Payment Deferral, regardless of whether or not the...

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What type of borrower is Fannie Mae targeting for assistance with payment deferral?

Prior to the introduction of payment deferral, Fannie Mae’s retention workout option hierarchy did not provide an option for eligible borrowers who...

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Will servicers be reimbursed for advanced P&I payments for mortgage loans subject to a payment deferral?

Currently, per Investor Reporting Manual 4-02, Reporting a Mortgage Loan After Reclassification, if Fannie Mae reclassifies a delinquent scheduled/...

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Is the incentive fee of $500 paid by the GSEs?

The servicer is eligible for a $500 incentive fee from Fannie Mae upon completion of a payment deferral. Note: This Q&A may be published on Fannie...

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