Servicing Guide

Published July 15, 2020

For best results, pose your search like a question.

Guide Resources

For a comprehensive list of resources such as forms, announcements, lender letters, notices and more.

Visit Selling and Servicing Guide Communications and Forms

Customers Recommend Ask Poli

AskPoli

If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

Launch Ask Poli  

Download PDF Guide

You can also download the printable 1,200+ page PDF, which include links.

Download Now

Fannie Mae Single-Family Balloon Mortgage Loan Servicing Manual 11/12/2014 (Table of Contents)

Table of Contents 

Preface

Chapter 1, Notifying the  Borrower of Balloon Mortgage Loan Maturity. 1

  • 1-01, Servicer Responsibilities (11/12/2014)2
  • 1-02, Content of the Balloon Mortgage Loan Maturity Notice (11/12/2014)2
  • 1-03, Timing of the Balloon Maturity Notice (11/12/2014)3

Chapter 2, Processing the Refinancing of a Matured Balloon Mortgage Loan. 5

2.1, Determining Eligibility for Refinancing Upon Receipt of the Declaration of Intent 6

  • 2.1-01, Receipt of the Declaration of Intent (11/12/2014)6
  • 2.1-02, Evaluating Conditions for Refinance (11/12/2014)6
  • 2.1-03, Verifying Ownership, Property Lien Status and the Status of Any Other Liens (11/12/2014)8
  • 2.1-04, Verifying Occupancy (11/12/2014)8
  • 2.1-05, Determining the Impact of Bankruptcy (11/12/2014)9
  • 2.1-06, Verifying the Borrower’s Payment History After the Balloon Maturity Notice (11/12/2014)9
  • 2.1-07, Quoting the New Interest Rate to the Borrower (11/12/2014)9
  • Exhibit 1: Declaration of Intent  (11/12/2014)10

2.2, Allowable Exceptions for Refinancing a Balloon Mortgage Loan When It Is Technically Ineligible. 13

2.2-01, Approving the Refinance Based on Transfers of Ownership in Properties Securing Balloon Mortgage Loans 13

  • 2.2-02, Approving a Request for Refinancing When the Borrower No Longer Occupies the Property (11/12/2014)13
  • 2.2-03, Approving a Request for Refinancing When the Borrower’s Payment History Is Unsatisfactory (11/12/2014)15
  • 2.2-04, Approving a Request for Refinancing When the Property Is Ineligible Due to Lien Status Issues, Including Delinquent Taxes (11/12/2014)15

2.3, Processing an Approved Refinance Transaction. 19

  • 2.3-01, Preparing the Refinance Package for Delivery to the Borrower (11/12/2014)19
  • 2.3-02, Establishing the Terms of the New Refinance Mortgage Loan (11/12/2014)21
  • 2.3-03, Obtaining Title Insurance Coverage (11/12/2014)22

2.4, Delivery and Documentation Requirements for Balloon Mortgage Loans Refinanced at Maturity. 23

  • 2.4-01, Documenting the Refinanced Balloon Mortgage Loan (11/12/2014)23
  • 2.4-02, Loan Delivery Documents (11/12/2014)24
  • 2.4-03, Delivery Options for Balloon Mortgage Loans Refinanced at Maturity (11/12/2014)24

Chapter 3, Performing Final Accounting and Reporting for a Balloon Mortgage Loan. 25

3.1, Remitting and Reporting Payoff Proceeds. 26

  • 3.1-01, Collecting the Balloon Payment, Accrued Interest, and Unpaid Late Charges (11/12/2014) 26
  • 3.1-02, Determining and Collecting Allowable Transaction Costs (11/12/2014) 27
  • 3.1-03, Removing the Balloon Mortgage Loan from Fannie Mae’s Accounting Records (11/12/2014) 29

3.2, Processing Alternatives to Mature Balloon Mortgage Loan Refinance Transactions. 31

  • 3.2-01, When the Balloon Payment Is Not Received by the Balloon Maturity Date (11/12/2014) 31
  • 3.2-02, Determining Why the Balloon Payment Was Not Made (11/12/2014) 31
  • 3.2-03, Granting the Borrower Temporary Forbearance to Allow Them to Make the Balloon Payment Post-Maturity (11/12/2014) 33

 

Have You Tried Ask Poli?

Poli knows. Just ask.

Ask Poli features exclusive Q&As and
more—plus official Selling & Servicing
Guide
content.

Try Ask Poli

Related Articles

Fannie Mae Single-Family Balloon Mortgage Loan Servicing Manual 11/12/2014 (Chapter 3, Performing Final Accounting and Reporting for a Balloon Mortgage Loan)

See below for Chapter 3, Performing Final Accounting and Reporting for a Balloon Mortgage Loan  To see other Chapters of the Fannie Mae Single-Family...

Read more

Fannie Mae Single-Family Balloon Mortgage Loan Servicing Manual 11/12/2014 Chapter 2, (Processing the Refinancing of a Matured Balloon Mortgage Loan)

See below for Chapter 2, Processing the Refinancing of a Matured Balloon Mortgage Loan  To see other Chapters of the Fannie Mae Single-Family...

Read more

Fannie Mae Single-Family Balloon Mortgage Loan Servicing Manual 11/12/2014 (Chapter 1, Notifying the Borrower of Balloon Mortgage Loan Maturity)

See below for Chapter 1, Notifying the  Borrower of Balloon Mortgage Loan Maturity  To see other Chapters of the Fannie Mae Single-Family...

Read more

AskPoli

Customers Recommend Ask Poli

If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

Guide Resources

For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more.

Visit Selling and Servicing Guide Communications and Forms

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.