Servicing Guide

Published September 9, 2020

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What should the servicer consider when determining eligibility requirements for different workout options that are available to assist borrowers when their loan becomes delinquent?

The servicer must be familiar with the terms and eligibility requirements of each of the workout options available to help borrowers when the mortgage loan becomes delinquent or when the borrower’s monthly payment is in imminent default, as they may differ depending on whether the mortgage loan is in an MBS pool, including PFP mortgage loans, or in Fannie Mae’s portfolio.

The servicer must consider Fannie Mae’s workout options for the following conventional mortgage loans:

  • those held in Fannie Mae’s portfolio,

  • those purchased for Fannie Mae’s portfolio but that are subsequently sold to back an MBS pool PFP, and

  • those originally delivered as part of an MBS pool serviced under the special servicing option or shared-risk special servicing option MBS mortgage loans for which Fannie Mae markets the acquired property.

When the servicer uses Fannie Mae’s workout options for any mortgage loan other than those described previously, Fannie Mae will not be responsible for any losses or expenses the servicer incurs and will not pay the incentive fees it usually pays for certain workout options.

For government mortgage loans, the servicer must offer the specific workout options that the mortgage insurer or guarantor makes available.

The servicer must see the F-2-02, Incentive Fees for Workout Options for information on the applicable incentive fees associated with a workout option, and must follow the procedures in F-1-19, Processing a Workout Incentive Fee for processing incentive fees.

If the eligibility criteria for a particular workout option are not satisfied but the servicer determines that there are acceptable mitigating circumstances, it must submit a request to Fannie Mae for review.

For more information please see: D2-3.1-01: Determining the Appropriate Workout Option 

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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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