Servicing Guide

Published September 9, 2020

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What are the servicer's responsibilities when sending referrals to law firms for default-related legal services?

The following table describes the servicer’s responsibilities for all referrals to law firms for default-related legal services. 

The servicer must...
 

Send the referral to a law firm that has been selected and retained for the jurisdiction under the requirements set forth in A4-2.2-01, Selecting and Retaining Law Firms .

 

Submit a complete referral package to the law firm and work with the law firm to determine

  • the documents needed in that particular jurisdiction for the specific proceedings, and

  • whether the documents may be photocopies or must be the originals.

 

Advise the law firm to which the referral is made that Fannie Mae owns or securitizes the mortgage loan being referred.

 

Manage referrals to law firms to avoid any conflicts of interest on the part of the law firm with respect to Fannie Mae and the servicer.

 

Provide Fannie Mae’s Legal department (see F-4-03, List of Contacts) with written notice at least 5 business days prior to transferring any default-related matter that results in an aggregate of 30 or more transfers within a 6-month period from a single law firm to another law firm in the same state. The servicer must include an implementation plan and transfer details for all of the applicable default-related matter transfers during this 6-month period.

Note: If a foreclosure sale has already occurred, the servicer must obtain Fannie Mae’s prior approval before transferring any default-related matter to another law firm.

For more information please see: E-1.1-01: General Requirements for Referring a Mortgage Loan to a Law Firm 

 

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