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 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 

 

Change in Occupancy

Property inspections must continue as long as the loan remains 45+ days delinquent, regardless of occupancy status. An exception to this rule is when the servicer achieves Quality Right Party Contact (QRPC) and the property is borrower occupied. When a servicer determines a property occupied after maintenance has begun, the servicer must cease property preservation activities until servicer determines a property is vacant again. 

See Servicing Guide D2-2-10: Requirements for Performing Property Inspections for further guidance on delinquent loan property inspection requirements.


Post Liquidation, Paid in Full, or Mortgage Release

The servicer must cease inspection and property preservation activities following a foreclosure sale, completed Mortgage Release (deed-in-lieu of foreclosure), or when the loan is paid in full unless otherwise instructed by Fannie Mae, even if title transfer to Fannie Mae has not completed (such as during an applicable redemption period or when the court has not yet confirmed or ratified the sale).

See Servicing Guide E-4.3-01: Managing the Property Post-Foreclosure Sale and E-4.3-02: Inspecting Properties Post-Foreclosure Sale for further guidance.

Third-Party Sales

When a property liquidates via Third-Party Sale (TPS), the servicer must continue performing necessary activities (i.e., inspections, property preservation, etc.) to protect Fannie Mae’s interest in the property until the latter of either the date the foreclosure sale is completed (including receipt of funds), or the date the court confirms or ratifies the sale, when applicable.

See Servicing Guide E-3.5-02: Handling Third-Party Sales for further guidance.

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