Browse the Guide
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Part A Doing Business with Fannie Mae
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Subpart A1, Contractual Obligations
- Chapter A1-1, Understanding the Lender Contract
- Chapter A1-2, Termination of the Lender Contract without Cause
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Chapter A1-3, Repurchases, Indemnifications, and Make Whole Payment Requests
- A1-3-01, Requirements for Voluntary Repurchase
- A1-3-02, Fannie Mae-Initiated Repurchases, Indemnifications, Make Whole Payment Requests and Deferred Payment Obligations
- A1-3-03, Repurchase Obligations Related to Bifurcated Mortgage Loans
- A1-3-04, Reporting the Repurchase
- A1-3-05, Redelivering a Mortgage Loan
- A1-3-06, Automatic Reclassification of MBS Mortgage Loans
- Chapter A1-4, Breach of Contract and Nonperformance
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Subpart A2, Getting Started with Fannie Mae
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Chapter A2-1, Servicer Duties and Responsibilities
- A2-1-01, General Servicer Duties and Responsibilities
- A2-1-02, Servicer’s Duties and Responsibilities Related to MBS Mortgage Loans
- A2-1-03, Servicer's Duties and Responsibilities Related to Mortgage Loans with Resale Restrictions or Shared Equity Transactions
- A2-1-04, Execution of Legal Documents
- A2-1-05, Note Holder Status for Legal Proceedings Conducted in the Servicer’s Name
- A2-1-06, Use of Fannie Mae Trademarks
- A2-1-07, Subservicing
- A2-1-08, First Lien Mortgage Loan Requirements
- A2-1-09, Compliance with Requirements and Laws
- Chapter A2-2, Refinance and Lending Practices
- Chapter A2-3, Servicer Compensation
- Chapter A2-4, Fannie Mae’s Quality Control Review
- Chapter A2-5, Individual Mortgage Loan Files and Records
- Chapter A2-6, Custodial Documents
- Chapter A2-7, Servicing Transfers
- Chapter A2-8, Mortgage Electronic Registration System
- Chapter A2-9, Mortgage Assignments to Fannie Mae
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Chapter A2-1, Servicer Duties and Responsibilities
- Subpart A3, Maintaining Fannie Mae Seller/Servicer Status
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Subpart A4, Setting Up Servicer Operations
- Chapter A4-1, Establishing and Implementing Internal Operations for All Mortgage Loans and Acquired Properties
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Chapter A4-2, Requirements for Delinquent Mortgage Loans and Mortgage Loans at Risk of Default
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Section A4-2.1, Establishing Default Management Strategies
- A4-2.1-01, Preventing Defaults and Managing Delinquencies
- A4-2.1-02, Property Inspection Vendor Management and Oversight
- A4-2.1-03, Managing Short Sales
- A4-2.1-04, Establishing Contact with the Borrower
- A4-2.1-05, Requirements for Collection and Foreclosure Prevention Strategies Unique to Second Lien Mortgage Loans
- A4-2.1-06, Adverse Action Notification Certification
- A4-2.1-07, Servicer's Duties and Responsibilities Related to Mortgage Loans with an Outstanding Non-Interest-Bearing Balance
- Section A4-2.2, Requirements for Default-Related Law Firms
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Section A4-2.1, Establishing Default Management Strategies
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Subpart A1, Contractual Obligations
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Part B Escrow, Taxes, Assessments, and Insurance
- Chapter B-1, Escrow Account Administration
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Chapter B-2, Property Insurance Requirements
- B-2-01, Property Insurance Requirements Applicable to All Property Types
- B-2-02, Property Insurance Requirements for One- to Four-Unit Properties
- B-2-03, Master Property Insurance Requirements for Project Developments
- B-2-04, Individual Property Insurance Requirements for Units in Project Developments
- Chapter B-3, Flood Insurance Requirements
- Chapter B-4, Additional Insurance Requirements
- Chapter B-5, Property and Flood Insurance Loss Events and Claim Settlements
- Chapter B-6, Lender-Placed Insurance
- Chapter B-7, Liability and Fidelity/Crime Insurance Requirements for Project Developments
- Chapter B-8, Mortgage Insurance
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Part C Mortgage Loan Payment Processing, Remitting, Accounting, and Reporting
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Chapter C-1, Processing Mortgage Loan Payments
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Section C-1.1, Processing Scheduled Mortgage Loan Payments
- C-1.1-01, Servicer Responsibilities for Processing Mortgage Loan Payments
- C-1.1-02, Processing Payment Shortages or Funds Received When a Mortgage Loan Modification Is Pending
- C-1.1-03, Automatically Drafting Payments from the Borrower’s Bank Account
- C-1.1-04, Accepting Biweekly Payments from Third-Party Payment Contractors
- Section C-1.2, Processing Unscheduled Mortgage Loan Payments
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Section C-1.1, Processing Scheduled Mortgage Loan Payments
- Chapter C-2, Servicing ARM Loans
- Chapter C-3, Remitting and Accounting
- Chapter C-4, Reporting
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Chapter C-1, Processing Mortgage Loan Payments
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Part D Providing Solutions to a Borrower
- Subpart D1, Assisting the Borrower with Property-Related Issues and Legal Actions
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Subpart D2, Assisting a Borrower Who is Facing Default or in Default
- Chapter D2-1, Working with a Borrower Who is Facing Default
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Chapter D2-2, Requirements for Contacting a Borrower
- D2-2-01, Achieving Quality Right Party Contact with a Borrower
- D2-2-02, Outbound Contact Attempt Requirements
- D2-2-03, Sending a Payment Reminder Notice
- D2-2-04, Sending a Borrower a Solicitation Package for a Workout Option
- D2-2-05, Receiving a Borrower Response Package
- D2-2-06, Sending a Breach or Acceleration Letter
- D2-2-07, Resolving an Appeal of a Mortgage Loan Modification Trial Period Plan Denial for a Principal Residence
- D2-2-08, Interviewing Face-to-Face with a Borrower for Certain FHA and HUD Mortgage Loans
- D2-2-09, Additional Borrower Contact Requirements for the Servicer of a Second Lien Mortgage Loan
- D2-2-10, Requirements for Performing Property Inspections
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Chapter D2-3, Fannie Mae’s Home Retention and Liquidation Workout Options
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Section D2-3.1, Preparing to Implement a Home Retention or Liquidation Workout Option
- D2-3.1-01, Determining the Appropriate Workout Option
- D2-3.1-02, Conditions of a First and Second Lien Mortgage Loan Modification for an MBS Mortgage Loan
- D2-3.1-03, Working with a Borrower that has a Group Home Mortgage Loan
- D2-3.1-04, Offering a Workout Option When Also Servicing a Subordinate Lien Mortgage Loan
- D2-3.1-05, Interacting with Mortgage Assistance Fund Program Providers
- D2-3.1-06, Notifying Fannie Mae of Lead-Based Paint Citations
- Section D2-3.2, Home Retention Workout Options
- Section D2-3.3, Home Liquidation Workout Options
- Section D2-3.4, Other Workout Options to Assist a Borrower
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Section D2-3.1, Preparing to Implement a Home Retention or Liquidation Workout Option
- Chapter D2-4, Reporting Delinquent Mortgage Loans and Workout Options
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Part E Default-Related Legal Services, Bankruptcy, Foreclosure Proceedings, and Acquired Properties
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Chapter E-1, Referring Default-Related Legal Matters and Non-Routine Litigation to Law Firms
- Section E-1.1, Referring a Mortgage Loan to a Law Firm
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Section E-1.2, Timing of the Referral to a Law Firm
- E-1.2-01, Timing of the Bankruptcy Referral
- E-1.2-02, Timing of the Foreclosure Referral for Mortgage Loans Generally
- E-1.2-03, Timing of the Foreclosure Referral for Second Lien Conventional Mortgage Loans Not Secured by a Principal Residence
- E-1.2-04, Timing of the Foreclosure Referral for Government Mortgage Loans
- Section E-1.3, Handling Non-Routine Litigation
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Chapter E-2, Managing Bankruptcy Proceedings
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Section E-2.1, Bankruptcy Proceedings in General
- E-2.1-01, General Servicing Requirements for Mortgage Loans Under Bankruptcy Protection
- E-2.1-02, Confirming Bankruptcy Information
- E-2.1-03, Suspending Debt Collection Efforts
- E-2.1-04, Expected Servicer/Attorney Interaction During Bankruptcy Proceedings
- E-2.1-05, Filing a Notice of Appearance and Sending Proper Notices
- E-2.1-06, Reviewing Bankruptcy Reorganization Plans
- E-2.1-07, Preparing and Filing a Proof of Claim
- E-2.1-08, Monitoring Borrower Payments and Critical Dates
- E-2.1-09, Identifying Workout Opportunities
- E-2.1-10, Dealing with Delays in the Bankruptcy Process
- E-2.1-11, Remitting P&I for MBS Mortgage Loans That Are Part of a Bankruptcy
- Section E-2.2, Managing Bankruptcies by Chapter
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Section E-2.3, Servicing Special Circumstance Bankruptcies
- E-2.3-01, Identifying Abusive Filers
- E-2.3-02, Addressing Individuals with Fractional Interests in a Security Property
- E-2.3-03, Handling Cramdowns of the Mortgage Debt
- E-2.3-04, Bankruptcies Involving Mortgage Loans Secured by Investment Properties
- E-2.3-05, Bankruptcies Involving Multiple Fannie Mae Mortgage Loans
- E-2.3-06, Responding to Bankruptcies Identified After Foreclosure Sale
- E-2.3-07, Cross-Border Insolvency Proceedings
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Section E-2.1, Bankruptcy Proceedings in General
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Chapter E-3, Managing Foreclosure Proceedings
- Section E-3.1, Foreclosure Proceedings in General
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Section E-3.2, Initiating and Processing Foreclosure Proceedings
- E-3.2-01, Conducting Prereferral Review
- E-3.2-02, Initiating Foreclosure Proceedings on a First Lien Conventional Mortgage Loan
- E-3.2-03, Initiating Foreclosure Proceedings on a Second Lien Conventional Mortgage Loan
- E-3.2-04, Postponing Foreclosure Referral for Mortgage Loans Not Secured by a Principal Residence
- E-3.2-05, Expected Servicer/Attorney Interaction During Foreclosure Proceedings
- E-3.2-06, Conducting Borrower Outreach During Foreclosure
- E-3.2-07, Impact of Engagement with a Mortgage Assistance Fund Program Provider
- E-3.2-08, Processing Reinstatements During Foreclosure
- E-3.2-09, Conducting Foreclosure Proceedings
- E-3.2-10, Paying Certain Expenses During the Foreclosure Process
- E-3.2-11, Collecting Under an Assignment of Rents
- E-3.2-12, Performing Property Preservation During Foreclosure Proceedings
- E-3.2-13, Addressing Title Defects Generally
- E-3.2-14, Addressing Title Defects for Bifurcated Mortgage Loans
- E-3.2-15, Allowable Time Frames for Completing Foreclosure
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Section E-3.3, Preparing for the Foreclosure Sale
- E-3.3-01, Completing Preforeclosure Sale Review
- E-3.3-02, Certifying the Status of Workout Negotiations Prior to Foreclosure Sale
- E-3.3-03, Inspecting Properties Prior to Foreclosure Sale
- E-3.3-04, Marketing the Foreclosure Sale and Using Foreclosure Auction Services
- E-3.3-05, Issuing Bidding Instructions
- E-3.3-06, Handling a Suspension or Reduction of the Redemption Period
- E-3.3-07, Pursuing a Deficiency Judgment
- Section E-3.4, When Foreclosure Proceedings Must Be Suspended or Canceled
- Section E-3.5, Servicer Responsibilities Following the Foreclosure Sale
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Chapter E-4, Managing Acquired Properties
- Section E-4.1, Notifying Fannie Mae of Property Acquisitions
- Section E-4.2, Conveying Title to an Acquired Property
- Section E-4.3, Preserving and Managing Properties
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Section E-4.4, Property and Flood Insurance Coverage Requirements
- E-4.4-01, Continuing or Canceling Property Insurance Coverage
- E-4.4-02, Remitting Property Insurance Settlement Proceeds or Unearned Premium Refunds
- E-4.4-03, Canceling Flood Insurance Coverage for Acquired Properties
- E-4.4-04, Remitting Flood Insurance Settlement Proceeds or Unearned Premium Refunds
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Section E-4.5, Filing MI Claims for Liquidated Properties
- E-4.5-01, Filing MI Claims for Conventional Mortgage Loans or for Other Mortgage Loans for which Fannie Mae Bears the Risk of Loss
- E-4.5-02, Filing MI Claims for FHA Mortgage Loans
- E-4.5-03, Filing MI Claims for FHA Coinsured Mortgage Loans
- E-4.5-04, Filing MI Claims for FHA Title I Loans
- E-4.5-05, Filing MI Claims for HUD Section 184 Mortgage Loans
- E-4.5-06, Filing MI Claims for VA Mortgage Loans
- E-4.5-07, Filing MI Claims for RD Mortgage Loans
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Chapter E-5, Requesting Reimbursement for Expenses Associated with Default-Related Legal Matters
- E-5-01, Requesting Reimbursement for Expenses
- E-5-02, Servicer Responsibilities Prior to Requesting Reimbursement of Attorney Fees and Costs
- E-5-03, Allowable Bankruptcy Fees
- E-5-04, Allowable Foreclosure Fees
- E-5-05, Reimbursing Law Firms/Reimbursement of Uncollected Fees, Costs or Advances
- E-5-06, Technology Fees and Electronic Invoicing
- E-5-07, Other Reimbursable Default-Related Legal Expenses
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Chapter E-1, Referring Default-Related Legal Matters and Non-Routine Litigation to Law Firms
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Part F Servicing Guide Procedures, Exhibits, and Quick Reference Materials
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Chapter F-1, Servicing Guide Procedures
- F-1-01, Servicing ARM Loans
- F-1-02, Escrow, Taxes, Assessments, and Insurance
- F-1-03, Establishing and Implementing Custodial Accounts
- F-1-04, Evaluating a Request for the Release, or Partial Release, of Property Securing a Mortgage Loan
- F-1-05, Expense Reimbursement
- F-1-06, Filing an MI Claim for a Liquidated Mortgage Loan or Acquired Property
- F-1-07, Handling Property Forfeitures and Seizures
- F-1-08, Managing Foreclosure Proceedings
- F-1-09, Processing Mortgage Loan Payments and Payoffs
- F-1-10, Obtaining and Executing Legal Documents
- F-1-11, Post-Delivery Servicing Transfers
- F-1-12, Preparing to Implement a Workout Option
- F-1-13, Processing a Fannie Mae Mortgage Release (Deed-In-Lieu of Foreclosure)
- F-1-14, Processing a Fannie Mae Short Sale
- F-1-15, Processing a Government Mortgage Loan Modification
- F-1-16, Processing a Repayment Plan
- F-1-17, Processing a Transfer of Ownership
- F-1-18, Processing a Workout Incentive Fee
- F-1-19, Processing a Military Indulgence
- F-1-20, Remitting and Accounting to Fannie Mae
- F-1-21, Reporting a Delinquent Mortgage Loan via Fannie Mae’s Servicing Solutions System
- F-1-22, Reporting a Workout Option via Fannie Mae’s Servicing Solutions System
- F-1-23, Reporting to Third Parties
- F-1-24, Requesting Fannie Mae’s Approval via Fannie Mae’s Servicing Solutions System
- F-1-25, Reclassifying or Voluntary Repurchasing an MBS Mortgage Loan
- F-1-26, Servicing eMortgages
- F-1-27, Processing a Fannie Mae Flex Modification
- F-1-28, Reviewing a Transfer of Ownership for Credit and Financial Capacity
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Chapter F-2, Exhibits
- F-2-01, Bankruptcy Referral and Completion Timelines
- F-2-02, Incentive Fees for Workout Options
- F-2-03, Compensatory Fee Calculation Examples
- F-2-04, Firm Minimum Requirements
- F-2-05, Historical Yield Differential Adjustment Provisions
- F-2-06, Mortgage Insurer Delegations for Workout Options
- F-2-07, Reporting the Principal Amount for Mortgage Loans with Principal Forbearance
- F-2-08, Servicing Fees for MBS Mortgage Loans
- F-2-09, Servicing Fees for Portfolio Mortgage Loans
- F-2-10, Fannie Mae’s Workout Hierarchy
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Chapter F-3, Acronyms and Glossary of Defined Terms
- F-3-01, Acronyms and Glossary of Defined Terms: A
- F-3-02, Acronyms and Glossary of Defined Terms: B
- F-3-03, Acronyms and Glossary of Defined Terms: C
- F-3-04, Acronyms and Glossary of Defined Terms: D
- F-3-05, Acronyms and Glossary of Defined Terms: E
- F-3-06, Acronyms and Glossary of Defined Terms: F
- F-3-07, Acronyms and Glossary of Defined Terms: G
- F-3-08, Acronyms and Glossary of Defined Terms: H
- F-3-09, Acronyms and Glossary of Defined Terms: I
- F-3-10, Acronyms and Glossary of Defined Terms: J
- F-3-11, Acronyms and Glossary of Defined Terms: K
- F-3-12, Acronyms and Glossary of Defined Terms: L
- F-3-13, Acronyms and Glossary of Defined Terms: M
- F-3-14, Acronyms and Glossary of Defined Terms: N
- F-3-15, Acronyms and Glossary of Defined Terms: O
- F-3-16, Acronyms and Glossary of Defined Terms: P
- F-3-17, Acronyms and Glossary of Defined Terms: Q
- F-3-18, Acronyms and Glossary of Defined Terms: R
- F-3-19, Acronyms and Glossary of Defined Terms: S
- F-3-20, Acronyms and Glossary of Defined Terms: T
- F-3-21, Acronyms and Glossary of Defined Terms: U
- F-3-22, Acronyms and Glossary of Defined Terms: V
- F-3-23, Acronyms and Glossary of Defined Terms: W
- F-3-24, Acronyms and Glossary of Defined Terms: X
- F-3-25, Acronyms and Glossary of Defined Terms: Y
- F-3-26, Acronyms and Glossary of Defined Terms: Z
- Chapter F-4, Servicing Guide Resources
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Chapter F-1, Servicing Guide Procedures
D1-3-01, Evaluating the Impact of a Disaster Event and Assisting a Borrower (04/12/2023)
- Evaluating the Extent and Nature of the Property Damage
- Servicer’s Responsibilities When a Borrower Is Affected by a Disaster Event
- Workout Hierarchy for When a Borrower Is Affected by a Disaster Event
- Initiating or Suspending Legal Proceedings
Evaluating the Extent and Nature of the Property Damage
Disasters are earthquakes, floods, hurricanes, or other catastrophes caused by either nature or a person or event beyond the borrower's control resulting in devastation in terms of property damage and destruction.
When the servicer becomes aware that a disaster event has occurred, it must determine the extent and nature of the damage to any property securing a mortgage loan in the disaster area (regardless of whether the property is in a FEMA-Declared Disaster Area eligible for Individual Assistance) through reasonable means, including but not limited to:
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obtaining information from the borrower, or
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performing a property inspection when necessary.
Note: The servicer is authorized, but not required, to attempt to contact the borrower or perform a property inspection if the mortgage loan is current at the time of the disaster event and remains current following the disaster event.
When a disaster event occurs, the servicer is permitted to use predictive modeling data or alternative technology, such as aerial photography, to estimate the likelihood of damage in an area or to a property impacted by a disaster event.
See
for additional information on property inspections.When inspecting impacted properties, the servicer must utilize the Property Inspection Report (Form 30) or equivalent. The servicer must exercise discretion in determining whether an interior or exterior property inspection is appropriate depending on the individual circumstances. The servicer is authorized to request reimbursement for disaster inspection costs incurred on current and delinquent mortgage loans when a property inspection is necessary. To request reimbursement, the servicer must follow the procedures in Reimbursement for Property Inspections and Property Preservation Expenses in .
The following table describes the servicer’s requirements when it becomes aware that a property securing a mortgage loan has incurred damage as a result of a disaster event.
✓ | The servicer must... |
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Determine whether the property is adequately insured against any damage in accordance with and . |
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Ensure that any applicable property insurance claims are filed and settled promptly, and that the property is repaired fully in accordance with . |
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Follow the requirements in | if there are uninsured losses.
See the Property Preservation Matrix and Reference Guide for additional information on property inspections and property preservation.
Servicer’s Responsibilities When a Borrower Is Affected by a Disaster Event
The following table describes the servicer's requirements when a borrower is affected by a disaster event.
✓ | The servicer must... |
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Counsel the borrower on the availability of appropriate workout options and federal disaster relief that might be available through FEMA. See Chapter D2-3, Fannie Mae’s Home Retention and Liquidation Workout Options for additional information on available workout options.
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Evaluate each mortgage loan that is or becomes delinquent as a result of the borrower incurring damages or expenses related to the disaster event on a case-by-case basis. |
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Ensure that the specific action that it takes does not jeopardize Fannie Mae’s ability to recover damages under any applicable property insurance policy. |
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Contact its Fannie Mae Servicing Representative (see ) if it needs assistance in determining how a policy should be applied or if it has determined that a departure from Fannie Mae’s policies is warranted. |
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Refer to FHA, VA, or RD guidelines to determine appropriate procedures for extending relief to a borrower who has a government-insured or government-guaranteed mortgage loan. |
Workout Hierarchy for When a Borrower Is Affected by a Disaster Event
If the servicer determines that the borrower is unable to resolve a delinquency resulting from a disaster-related hardship through a reinstatement and cannot afford a repayment plan, the servicer must evaluate the borrower for a retention workout option in accordance with the following table.
If the servicer... | Then the servicer must evaluate the borrower affected by the disaster event... | ||
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achieves QRPC with the borrower, regardless of whether the borrower was on a disaster-related forbearance plan | in accordance with the steps in the following table | ||
Step | Servicer Action | ||
1 | Evaluate the borrower for a disaster payment deferral in accordance with Determining Eligibility for a Disaster Payment Deferral in | ||
If... | Then the servicer must... | ||
the mortgage loan is eligible | offer a disaster payment deferral. | ||
the servicer determines that the borrower is not capable of maintaining the full contractual monthly PITI payment, including the amount required to repay any escrow shortage amount over a term of 60 months, or the mortgage loan is greater than 12 months delinquent | proceed to step 2 | ||
2 | Evaluate the borrower for a Fannie Mae Flex Modification in accordance with the reduced eligibility criteria within Evaluating or Soliciting a Borrower with a Disaster-Related Hardship for a Fannie Mae Flex Modification in | ||
If the mortgage loan is... | Then the servicer must... | ||
eligible | offer a Fannie Mae Flex Modification | ||
two or more months delinquent at the time the disaster occurred, or less than 90 days delinquent | proceed to step 3 | ||
3 | Evaluate the borrower for a Fannie Mae Flex Modification in accordance with | ||
If the mortgage loan is... | Then the servicer must... | ||
eligible | offer a Fannie Mae Flex Modification. | ||
not eligible | evaluate the borrower for a Fannie Mae Short Sale (see | or a Fannie Mae Mortgage Release (see .||
does not achieve QRPC with a borrower who is on a disaster-related forbearance plan prior to the expiration of the plan | in accordance with the steps in the following table | ||
Step | Servicer Action | ||
1 | Evaluate the borrower for a disaster payment deferral in accordance with Determining Eligibility for a Disaster Payment Deferral in | ||
If the mortgage loan is... | Then the servicer must... | ||
eligible | solicit the borrower for a disaster payment deferral in accordance with Soliciting the Borrower for a Disaster Payment Deferral in | .||
greater than 12 months | proceed to step 2. | ||
2 | Evaluate the borrower for a Fannie Mae Flex Modification in accordance with the reduced eligibility criteria within Evaluating or Soliciting a Borrower with a Disaster-Related Hardship for a Fannie Mae Flex Modification in | ||
If the mortgage loan is... | Then the servicer must... | ||
eligible | offer a Fannie Mae Flex Modification. | ||
two or more months delinquent at the time the disaster occurred | proceed to step 3 | ||
3 | Evaluate the borrower for a Fannie Mae Flex Modification in accordance with | .||
If the mortgage loan is... | Then the servicer must... | ||
90 days or more delinquent and the borrower is otherwise eligible | solicit the borrower a Fannie Mae Flex Modification in accordance with Soliciting the Borrower for a Fannie Mae Flex Modification in | ||
not eligible | continue attempts to achieve QRPC in accordance with | ||
|
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does not achieve QRPC with a borrower who was not on a disaster-related forbearance plan prior to the expiration of the plan | for a Fannie Mae Flex Modification in accordance with | and take action in accordance with the following table.||
If the mortgage loan is... | Then the servicer must... | ||
90 or more days delinquent and the borrower is otherwise eligible | solicit the borrower a Fannie Mae Flex Modification in accordance with Soliciting the Borrower for a Fannie Mae Flex Modification in | ||
not eligible | continue attempts to achieve QRPC in accordance with |
Initiating or Suspending Legal Proceedings
If the servicer has any doubt about the effect of the disaster event on the condition of a property or the borrower's employment or income status, it must suspend any legal proceedings, including foreclosure proceedings, already in process until it can determine the accurate status, and make its final decision on the appropriate course of action based upon its findings. The servicer must contact its Fannie Mae Servicing Representative (see
) to obtain written approval before granting a suspension that exceeds 90 days.The servicer must not initiate or complete foreclosure proceedings related to a property that has been destroyed until it evaluates the economic feasibility of pursuing the foreclosure.
The table below provides references to recently issued Announcements that are related to this topic.
Announcements | Issue Date |
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Announcement SVC-2023-02 | April 12, 2023 |
Announcement SVC-2022-01 | February 9, 2022 |
Announcement SVC-2020-04 | September 9, 2020 |
Announcement SVC-2020-03 | July 15, 2020 |
Announcement SVC-2019-02 | April 10, 2019 |