Servicing Guide

Published November 10, 2020

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What are the servicer’s responsibilities for processing payments for any mortgage loan that Fannie Mae owns or securitizes?

The following table outlines the servicer’s responsibilities for processing payments for any mortgage loan that Fannie Mae owns or securitizes.

The servicer must...
 

Notify the borrower of upcoming payment changes in accordance with the mortgage loan documents, applicable law, or as specifically required by this Servicing Guide.

 

Apply scheduled payments, including late charges (if applicable), in the order specified in the security instrument.

Note: When multiple payments are received, each payment must be applied separately.

 

Ensure payments for all mortgage loans are credited upon receipt and that each portion of the payment is accounted for in its records.

 

Apply all funds as intended by the borrower, when applicable.

Note: Funds intended by the borrower for first lien mortgage loans must not be reallocated as payment towards any subordinate lien.

 

Deposit all funds into a custodial account in a financial institution that meets Fannie Mae’s rating requirements for custodial depositories (or within its own institution if it qualifies) within 24 hours of receipt. When the servicer uses a lockbox agent to collect mortgage payments, the payments must be deposited into the collection clearing account no later than the 1st business day after they are received by the lockbox agent. This means that the funds must be deposited into the applicable custodial account no later than the 2nd business day after the servicer’s lockbox agent receives them.

 

Follow any specific requirements of FHA, HUD, or VA, when applicable.

 

Follow any specific requirements of the SCRA, when applicable. The servicer must follow the procedures in F-1-20, Processing Military Indulgence.

For more information please see: C-1.1-01, Processing Scheduled Mortgage Loan Payments.

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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

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