Servicing Guide

Published September 9, 2020

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What action must be taken if the servicer finds damages on initial services and/or ongoing services during property preservation services?

When damages are found upon initial and/or ongoing services that may result in further damage to the property if not addressed, the servicer must attempt to repair those damages using the allowable(s). When the cost to repair damage exceeds the allowable(s) or an allowable does not exist, the servicer must submit over allowable bid(s) to repair the damage within fifteen (15) calendar days of the initial services completion or the date of discovery, whichever comes later, as a HomeTracker bid request. The servicer must provide all mandatory data/attachments required for the bid submission and any additional relevant information. Fannie Mae reserves the right to request additional bids and/or information at any time. The servicer will have seven (7) calendar days from the Fannie Mae bid response date to submit requested subsequent bids and/or additional information for reconsideration.

An insurance/proof of loss claim must be filed on insurable damages prior to repairs being made. Insurance proceeds must not be used for repairing the property unless approved by Fannie Mae. The servicer must refer to the insurance requirements found in Servicing Guide B-5-01: Insured Loss Events for further guidance.

For additional information please see: Property Preservation Matrix and Reference Guide, Section 8, Damaged Properties/Disaster Impacted Properties.

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