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 5: Initial Securing and Initial Services) (Identifying Property Conditions)

Section 5: Initial Securing and Initial Services

See below for sub-topic: Section 5: Initial Securing and Initial Services: Identifying Property Conditions
To see other sub-topics for Section 5: Initial Securing and Initial Services, please click on any of the topics below:

Section 5: Initial Securing and Initial Services: Overview
Section 5: Initial Securing and Initial Services: Initial Securing
Section 5: Initial Securing and Initial Services: Initial Services: Property Exterior
Section 5: Initial Securing and Initial Services: Initial Services: Property Interior

 

Initial Securing: Identifying Property Conditions

During initial and ongoing services, the servicer is required to identify and address any maintenance and/or repairs that if not addressed will potentially cause additional damage and/or code or HOA violations.  

Refer to specific services within this section of the Property Preservation Guide for further details. If the work cannot be completed within the allowable, or if an allowable has been exhausted or does not exist, bids must be submitted via HomeTracker. Refer to Section 2: Technology and Photos within this Property Preservation Guide for bid submission guidelines.

Issues Found During Initial and Ongoing Services

What To Do If

If…

Then…

A sinkhole is found,

Stop work and submit bids via HomeTracker for a sinkhole inspection or submit bids to address the sinkhole if a sinkhole inspection has already been completed by the homeowner, city, etc.

The foundation is crumbling, has signs of movement, or shows failure beyond typical settlement,

Complete all services as specified and submit bids via HomeTracker by a qualified/licensed/certified contractor for a structural inspection with photos documenting the foundation issues.

The exterior breaker panel is missing or exposed,

Submit a bid via HomeTracker to install a universal breaker panel door (or custom door if breaker panel is of unusual size) to cover breaker box. Plywood or clear board covers are unacceptable.

The property is condemned,

Submit a bid via HomeTracker to address the condemnation and include legible copies of all code violations.

The property is severely fire damaged,

Submit bids via HomeTracker to address the damage. Refer to Boarding in Section 5: Initial Securing and Initial Services: and Demolition/Condemnation in Section 8: Damaged Properties / Disaster Impacted Properties within this Property Preservation Guide for further guidance.

The property is fire damaged, yet repairable,

Submit bids to repair any damage which may result in further deterioration of the property if not addressed.

The property has an interior or exterior oil tank,

Take photos of the tank, gauge, and of the area under the tank. Submit a bid via HomeTracker to drain the oil tank.

The property has an interior or exterior oil tank showing signs of discharge or leakage,

Submit a bid via HomeTracker for an oil tank inspection.



Photo Examples

 

Examples of Issues


      

 

To see other sub-topics for Section 5: Initial Securing and Initial Services, please click on any of the topics below:

Section 5: Initial Securing and Initial Services: Overview
Section 5: Initial Securing and Initial Services: Initial Securing
Section 5: Initial Securing and Initial Services: Initial Services: Property Exterior
Section 5: Initial Securing and Initial Services: Initial Services: Property Interior

     
 

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