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.

View All Servicing Policy Updates

Download PDF

Hint: Ask in a form of a question.

Fannie Mae Property Preservation Matrix April 2019 (Section 1: Introduction to Fannie Mae Property Preservation)

Introduction to Fannie Mae Property Preservation

Property Preservation Matrix and Reference Guide Overview 

Property Preservation for Fannie Mae

Servicer/Property Preservation Vendor Expectations

 

Property Preservation Matrix and Reference Guide Overview

This Property Preservation Matrix and Reference Guide (Property Preservation Guide) is incorporated by reference into the Fannie Mae Servicing Guide and provides servicers with Fannie Mae’s expectations on how to preserve and protect properties. Unless otherwise stated, the Property Preservation Guide applies to vacant properties securing delinquent loans.

If the servicer receives a code violation or otherwise determines a property is in disrepair and the property is occupied on a delinquent loan, the servicer must remind the borrower of their obligation to the collateral and refer to Servicing Guide D2-2-10: Requirements for Performing Property Inspections.

If the servicer receives a code violation or otherwise determines a property is in disrepair and the property is in Fannie Mae’s REO inventory, the servicer must contact the REO real estate agent as determined in Asset Management Network (AMN). See Asset Management Network for further guidance.

This Property Preservation Guide also provides further information and expectations of services required by Fannie Mae and helps define items that may be unclear. If at any time there are questions regarding this Property Preservation Guide, contact Fannie Mae at property_preservation@fanniemae.com.

Amendments to the Guide

Fannie Mae reserves the right to alter or waive any of the requirements in this Property Preservation Guide, to impose additional requirements, and to rescind or amend any and all material set forth herein.

Tips for Using the Guide

The following tips will help make this Property Preservation Guide a valuable resource and reference tool:

  • Ensure you are using the most current version of the Property Preservation Guide available.
  • Read through the Property Preservation Guide from start to finish familiarizing yourself with the information it contains.
  • Strictly adhere to all Fannie Mae processes and procedures to ensure smooth transactions.
  • Keep the Property Preservation Guide readily available as a reference tool.

Important:
Throughout this Property Preservation Guide, it is not possible to provide guidance or expectations on every possible situation a servicer may encounter. Fannie Mae expects the servicer to notify Fannie Mae immediately of any situation if unsure of how to handle.

Property Preservation for Fannie Mae

Our Mission

At Fannie Mae, the Property Preservation team's mission is to ensure the quality of our property maintenance services throughout the default process to eliminate community blight and protect housing values.

Our Goal

Our goal is for the servicer to provide services to maintain each property to a level of Fannie Mae quality and to adhere to local codes and requirements. In addition, we strive to:

  • Be a good neighbor.
  • Support neighborhood stabilization.
  • Minimize Fannie Mae's exposure to potential property damage and liability and/or code violations.
  • Partner with servicers to ensure they, as well as their Local / Regional / National Property Preservation Vendor(s) provide quality services.

Fannie Mae's Property Preservation practices are part of its overall neighborhood stabilization efforts.

The servicer is required to maintain the interior and the exterior of the property year round. Fannie Mae provides the servicer with allowable thresholds in order to perform routine maintenance, preservation, and repairs. All expense reimbursement limits (allowables) can be found in Servicing Guide F-1-05: Expense Reimbursement. Within this Property Preservation Guide, all required services and expectations will be provided as they correspond to the associated allowable.

Servicer/Property Preservation Vendor Expectations

In addition to complying with the core performance expectations, critical functions, and metrics presented in this Property Preservation Guide, Fannie Mae expects the following from all servicers:

  • Provide high quality goods, services, procedures and processes.
  • Perform services in a fiscally responsible manner.
  • Deliver timely and accurate goods and services.
  • Provide the highest possible standards of business ethics and professional courtesy.
  • Provide professional customer service.
  • Strive for continuous improvement.
  • Comply with all applicable laws and codes.

Fannie Mae requires any specialty services (i.e., extermination, roof replacement, demolition, etc.) to have bids obtained and services performed by qualified/licensed/certified contractors as required by local/state requirements.

Fannie Mae reserves the right to pursue remedies per the Fannie Mae Servicing Guide when the servicer has not met the required timeframes or the work is deficient. Any property may be subject to audit. The servicer and/or the servicer’s vendor must provide any documents and/or additional information as requested by Fannie Mae within seven (7) calendar days of such request.

For more information, see Servicing Guide A4-1-01: Staffing Training, Procedures, and Quality Control Requirements.

Related Articles

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 2: Technology and Photos)

Section 2: Technology and Photos HomeTracker® Requirements Submitting Bids in HomeTracker Photo Requirements   HomeTracker® Requirements...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 3: Inspections)

Section 3: Inspections Inspection Overview The servicer must use a Property Inspection Report (Form 30) or its own form that provides equivalent...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 4: Property Registrations)

Section 4: Property Registrations Property Registrations Overview Upon delinquency, the servicer must determine any requirements imposed by municipal,...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 6: Ongoing Services)

Section 6: Ongoing Services Ongoing Services After initial securing and services are performed, the servicer must complete ongoing services year-...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019: (Section 8: Damaged Properties/Disaster Impacted Properties)

Section 8: Damaged Properties / Disaster Impacted Properties Damaged Properties Overview Roof Damages Freeze Damages and Broken/Missing Pipes Demolition/...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 9: Specialty Inspections)

Section 9: Specialty Inspections Specialty Inspection OverviewFrom time to time, the servicer may need to perform a specialty inspection. Specialty...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 10: Code Violations / Citations)

Section 10: Code Violations / Citations Code Violations / CitationsThe servicer is expected to communicate regularly with Code Enforcement authorities, as...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 11: Loans in Bankruptcy and/or Loss Mitigation)

Section 11: Loans in Bankruptcy and/or Loss Mitigation Overview Bankruptcy Loss Mitigation   Overview The servicer must inspect, protect, and...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 12: Bid After The Fact)

Section 12: Bid After The Fact Bid After The Fact (BATF)Fannie Mae’s selection of allowable services addresses the majority of maintenance and...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 13: Completion of Work)

Section 13: Completion of Work Timeframes Completed Work Documentation Work Completion Failures   Timeframes All maintenance and repairs within the...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 14: Hazard Claims)

Section 14: Hazard Claims Hazard Claims Overview The servicer must adhere to requirements set forth in the insurance carrier’s policy within the...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 15: Change in Occupancy / Loan Status)

Section 15: Change in Occupancy / Loan Status Change in Occupancy  Post Liquidation, Paid in Full, or Mortgage Release  Third-Party Sales ...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 16: Reimbursement Requests)

Section 16: Reimbursement Requests Reimbursement RequestThe servicer should reference Servicing Guide F-1-05: Expense Reimbursement for expense...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 17: Addendums)

Section 17: Addendums   Timeline and Completion Schedules  Debris and Personal Property Cubic Yard Matrix         ...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 5: Initial Securing and Initial Services) (Initial Securing)

Section 5: Initial Securing and Initial Services    See below for sub-topic: Section 5: Initial Securing and Initial Services: Initial...

Read more

Fannie Mae Property Preservation Matrix- April 2019 (Section 5: Initial Securing and Initial Services) (Property Exterior)

Section 5: Initial Securing and Initial Services      See below for sub-topic: Section 5: Initial Securing and Initial Services:...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 5: Initial Securing and Initial Services) (Identifying Property Conditions)

Section 5: Initial Securing and Initial ServicesSee below for sub-topic: Section 5: Initial Securing and Initial Services: Identifying Property Conditions...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 7: Utilities)

Section 7: Utilities Utility Transfers and Shut Off  Utility Services Utility Transfers and Shut OffWhen utilities (electricity/gas/water/other)...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Section 5: Initial Securing and Initial Services) (Overview)

Section 5: Initial Securing and Initial ServicesSee below for sub-topic: Section 5: Initial Securing and Initial Services: Overview To see other sub-...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide (Revisions for April 2019)

Revisions for April 2019 The Property Preservation Matrix and Reference Guide has been updated. Revisions include, but are not limited to, the pages noted...

Read more

Fannie Mae Property Preservation Matrix and Reference Guide April 2019 (Table of Contents)

Table of Contents Revisions for April 2019 Section 1: Introduction to Fannie Mae Property Preservation Property Preservation Matrix and Reference Guide...

Read more

Fannie Mae Property Preservation Matrix- April 2019 (Section 5: Initial Securing and Initial Services) (Property Interior)

Section 5: Initial Securing and Initial ServicesSee below for sub-topic: Section 5: Initial Securing and Initial Services: Initial Services: Property...

Read more

Have guide questions? Get answers to all of your policy questions, straight from the source.

Get Started
X
Having Issues with Seeing this Page Correctly?

Use Firefox or Chrome   How to do a hard refresh in Internet Explorer
We recommend that you use the latest version of FireFox or Chrome.

Download Firefox
Download Chrome
  A hard refresh will clear the browsers cache for a specific page and force the most recent version of a page.
    Hold the Ctrl key and press the F5 key.
     

Email Us
If you still have Technical Support questions, feel free to emailAsk_Poli@fanniemae.com.