Servicing Guide

Published November 10, 2020

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What steps should be taken when the servicer has information that the borrower should be considered for workout options?

See F-2-11, Fannie Mae’s Workout Hierarchy for evaluating a borrower for workout options. The servicer must analyze each case carefully before determining which workout option is most appropriate. To ensure that the final workout option agreed upon is realistic, the servicer must consider the borrower’s financial condition, except as otherwise authorized under this Guide. See D2-2-05, Receiving a Borrower Response Package for information on evaluating the borrower for workout options.

The following table provides the requirements if the servicer has information that the borrower should be evaluated for workout options.

The servicer must...
 

Explain to the borrower Fannie Mae’s workout options and the borrower’s responsibilities under each.

 

Obtain a complete BRP, unless stated otherwise in this Guide, to determine the most appropriate workout option.

See D2-2-04, Sending a Borrower a Solicitation Package for a Workout Option and D2-2-05, Receiving a Borrower Response Package for the requirements for sending a Borrower Solicitation Package and evaluating the borrower for workout options.

 

Stress the consequences of not meeting the terms of a workout option.

The servicer must not require the borrower to make an upfront cash contribution to be considered for a workout option.

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

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