Servicing Guide

Published September 9, 2020

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What are the requirements to waive an escrow account?

Waiving Escrow Account Requirements 

The servicer must not solicit a borrower with an offer to waive the escrow account requirements but is authorized to evaluate a borrower’s request subject to the requirements in the following table.

The servicer must...

 

Evaluate whether it is appropriate to waive the escrow account requirement based on the mortgage loan documents and applicable law.

 

Deny a request to waive escrow requirement for a mortgage loan if

  • the borrower has received a prior mortgage loan modification, or previously been approved for an escrow waiver and failed to make all payments timely, as required,
  • the borrower has experienced any delinquency in the 12 months immediately preceding the request,
  • the borrower has experienced a 60+ day delinquency in the 24 months immediately preceding the request, or
  • the principal balance for the mortgage loan is greater than or equal to 80% of the original appraised value.
 

Maintain the basis for the waiver decision and any disclosures provided to the borrower, if applicable, in the mortgage loan servicing file. The servicer must make this information available to Fannie Mae upon request.

The servicer may not waive the individual escrow requirement for MIPs when the premiums are paid monthly.

For more information please see: B-1-01: Administering an Escrow Account and Paying Expenses.

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