Servicing Guide

Published September 9, 2020

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What are the time frames for work completion of property preservation services?

All maintenance and repairs within the allowables must be completed within initial and ongoing services timeframes. When bids have been approved by Fannie Mae, the servicer has fifteen (15) calendar days from the time of the approval to complete the work. The servicer then has ten (10) calendar days from work completion date to report the work completion to Fannie Mae via HomeTracker.

When a servicing error is identified and the servicer is instructed to repair damages at the servicer's expense, the servicer has fifteen (15) calendar days from notification of the servicing error to complete the work. The servicer then has ten (10) calendar days from work completion date to report the work completion to Fannie Mae via HomeTracker.

Fannie Mae samples a selection of the servicer's portfolio by conducting quality control inspections in order to assess property condition and the servicer's compliance with property preservation requirements. All inspection reports are available for review within HomeTracker. If an identified condition requires immediate attention, the servicer is notified via HomeTracker. The servicer has fifteen (15) calendar days to either address these conditions utilizing available allowable(s) or by submitting a bid via HomeTracker. Refer to Section 2: Technology and Photos within this Property Preservation Guide for bid submission guidelines.

For additional information please see: Property Preservation Matrix and Reference Guide, Section 13, Completion of Work.

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