Servicing Guide

Published June 10, 2020

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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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-round, as needed, until the loan has been liquidated or delinquency resolved. Ongoing services typically occur between ten (10) and twenty (20) calendar days apart. The servicer should refer to their inspection reports and any available historical/forecasting information (weather, etc.) to assist in determining the proper frequency and the necessary maintenance/safety hazards/damages to address. The servicer may consider increasing inspections in seasons when less maintenance is necessary to ensure the property remains secure and services are not required. The servicer must refer to Section 5: Initial Securing and Initial Services within this Property Preservation Guide for further guidance on each service.

When maintenance is needed and/or damages are found that may result in further damage to the property if not addressed, the servicer must attempt to maintain and/or repair those damages using the allowable(s).

When the cost to maintain and/or repair such damage exceeds the allowable(s), or an allowable does not exist, the servicer must submit over allowable bid(s) to maintain and/or repair the damage within fifteen (15) calendar days of the date of discovery. Refer to Section 2: Technology and Photos within this Property Preservation Guide for bid submission guidance. All ongoing service completion dates must be reported in the Incurred section of HomeTracker when an over allowable request is submitted.

The servicer must adhere to applicable legal requirements and/or local ordinance/association standards when they differ from Fannie Mae requirements.

What To Do If

If…

Then…

The property has a violation posted,

Cure the violation utilizing any applicable allowable. If the cost to cure the violation is over the allowable or an allowable does not exist, submit bid(s) via HomeTracker. Refer to Section 2: Technology and Photos within this Property Preservation Guide for bid submission guidance.

The key is missing out of the lockbox,

Replace the key. The servicer must not utilize the Rekey Allowable to rekey the knob lock. The key must be replaced using the existing key code.

More than three (3) yard services or snow removal services are required in a month,

Submit an over allowable bid via HomeTracker.

Refer to Section 2: Technology and Photos within this Property Preservation Guide for bid submission guidance.

Two (2) or more of the same services (i.e., snow removal) are needed less than ten (10) days apart from each other,

Complete each service as required.

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