Servicing Guide

Published November 10, 2020

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What property inspection and preservation flexibility is Fannie Mae offering as a result of the impact of COVID-19?

NOTE: The response to this Q&A is directly from Fannie Mae Lender Letter (LL-2020-02), Impact of COVID-19 on Servicing.

Property inspections and preservation UPDATED May 14, 2020

As a result of the impact of COVID-19, we are temporarily providing flexibility with respect to the completion of property inspections and preservation, including:

The following table describes when the servicer must not conduct property inspections and property preservation activities for a property securing a mortgage loan where the borrower is experiencing a hardship related to COVID-19, depending on the status of the mortgage loan at the time of the effective date of the National Emergency declaration related to COVID-19.

If on March 1, 2020, the mortgage loan was…

Then the servicer must…

current or less than 30 days delinquent and the borrower becomes delinquent

not complete property inspections during the forbearance plan or an active post-forbearance plan workout option.

 

delinquent and the property was not vacant or abandoned

delinquent and the property was reported as vacant or abandoned

follow the property inspection requirements in Inspecting a Property Securing a Delinquent Mortgage Loan in Servicing Guide D2-2-10, Requirements for Performing Property Inspections and property preservation requirements in Servicing Guide E-3.2-12, Performing Property Preservation During Foreclosure Proceedings.

N O T E:  For mortgage loans that are delinquent and not on a forbearance plan, servicers must continue to follow the inspection requirements in in Inspecting a Property Securing a Delinquent Mortgage Loan in Servicing Guide D2-2-10, Requirements for Performing Property Inspections.

If the mortgage loan is not brought current upon expiration of the forbearance plan, or if the borrower is not approved for a post forbearance workout option as determined based on QRPC, the servicer must follow the property inspection requirements in Inspecting a Property Securing a Delinquent Mortgage Loan in Servicing Guide D2-2-10, Requirements for Performing Property Inspections.

If the servicer is unable to complete a property inspection or property preservation activity in accordance with the Servicing Guide, it must document their efforts and the reason for any exception in the mortgage loan file.

N O T E: The servicer’s inability to complete property inspections due to COVID-19 related impacts must not impact the servicer’s disbursement of insurance loss proceeds.

As a reminder, Servicing Guide D2-2-10, Requirements for Performing Property Inspections authorizes a curbside (drive-by) inspection if there is potential danger to the inspector. Additionally, the Property Preservation Matrix and Reference Guide authorizes servicers to utilize alternative data or other means available to determine occupancy status when inspection results are unknown due to lack of access.

For additional questions, contact

 

 For more information see Fannie Mae Lender Letter (LL-2020-02), Impact of COVID-19 on Servicing.

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