Servicing Guide

Published November 10, 2020

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What entities must be notified of an executed assumption or assumption and release agreement?

The servicer must notify the applicable property insurance companies, tax authorities, the mortgage insurer, and any other interested parties. If the purchaser did not provide a new property insurance policy, the servicer must request the insurer to prepare an endorsement to the existing property insurance policy to name the new borrower. The servicer must also obtain a new MI policy for an insured mortgage loan or an agreement that extends the previous coverage to the new borrower.

See below for related Q&A's:  

What actions must be taken if a mortgage loan that is not subject to a due-on-sale provision is modified?

Are there any restrictions on the transfer of ownership for mortgage loans that are not subject to a due-on-sale provision?

For more information please see: D1-4.2-01, Conventional Mortgage Loans that Do Not Include a Due-on-Sale (or Due-on-Transfer) Provision

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

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