Servicing Guide

Published September 9, 2020

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What documentation must be obtained within 60 days of a borrower's acceptance of a Mortgage Release?

The servicer must obtain all of the items listed in the following table within 60 days of the borrower’s acceptance of the offer for a Fannie Mae Mortgage Release.

Documentation that must be obtained within 60 days of the borrower’s acceptance of a Mortgage Release
 

The deed and a personal property release executed by the borrower.

Note: While use of the Personal Property Release Form (Form 192) is optional, it reflects a minimum level of information that the servicer must include.

 

The mortgage insurer’s approval, if applicable, if Fannie Mae has not obtained a delegation of authority.

 

Agreement(s) that the subordinate lienholder(s) will release

  • the subordinate lien, and

  • the borrower from liability if accepting payment from Fannie Mae.

 

Clear and marketable title.

 

The cash contribution, if applicable.

 

The final interior property inspection report indicating that there are no environmental hazards or potential legal risks, and that the property is vacant, secure, and in broom swept condition, unless the borrower is eligible in accordance with Evaluating a Borrower for Fannie Mae Mortgage ReleaseTransition Options.

Note: The servicer must conduct the final interior property inspection no more than five business days following the receipt of the executed deed and all related documents.

Note: For a Mortgage Release transition option, the servicer is not required to complete an interior property inspection prior to execution of the deed of conveyance. However, the servicer must review the interior property valuation to ensure the subject property’s habitability (see Obtaining a Property Valuation and Evaluating the Condition of the Property).

For more information please see: D2-3.3-02, Fannie Mae Mortgage Release (Deed-in-Lieu of Foreclosure).

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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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