Servicing Guide

Published September 9, 2020

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What should the servicer do if the borrower waits until after receiving the appeal decision of a Trial Period Plan denial to accept the initial offer on a principal residence?

If the borrower waits to accept the initial offer until after receiving the appeal decision, the servicer must take the actions in the following table.

The servicer must...
 

Determine whether the borrower continues to be eligible for the initial offer without considering any accrued amounts.

 

Adjust the due dates of the initial offer, as applicable, accordingly.

The servicer must adjust the payment amount in instances where additional amounts have accrued and/or the due dates of the initial offer have changed because the borrower was awaiting the outcome of the appeal decision by taking the actions in the following table.

The servicer must...
 

Adjust the payment amount of the initial offer.

Note: For Trial Period Plans, the servicer is authorized to adjust the payment amount at the beginning of the Trial Period Plan or after the borrower’s successful completion of the Trial Period Plan.

 

Use the same approach to adjusting the payment amount consistently on all mortgage loans it services for Fannie Mae.

 

Reissue the initial offer to reflect any adjusted dates and/or payment amounts.

If the borrower waits to accept the initial offer until after receiving the appeal decision, the first payment due date of any resulting mortgage loan modification Trial Period Plan offer, and the revised first payment due date for the initial offer, as applicable, is based on when the appeals decision is sent by the servicer to the borrower, as described in the following table.

If the servicer sends the appeal decision... Then the Trial Period Plan effective date and the due date of the first Trial Period Plan payment is...

on or before the 15th of the month

the first day of the next month.

after the 15th of the month

the first day of the month after the next month.

The servicer’s appeal decision is final and not subject to further appeal. The servicer must make information related to the appeals process available to Fannie Mae upon request.

For more information please see: D2-2-07, Resolving an Appeal of a Mortgage Loan Modification Trial Period Plan Denial for a Principal Residence.

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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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