Servicing Guide

Published September 9, 2020

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What are the servicing requirements for mortgage loans under bankruptcy protection?

The following table provides general servicing requirements for all mortgage loans subject to an active bankruptcy.

When a borrower files for bankruptcy, the servicer must...
 

Take all actions that are necessary to protect Fannie Mae’s interests.

 

Report the initiation of bankruptcy proceedings in the first delinquency status information it transmits to Fannie Mae after it learns that the borrower has filed for bankruptcy (even if the mortgage loan payment is current or less than 30 days delinquent). See Delinquency Status Code Hierarchy and Definitions in F-1-22, Reporting a Delinquent Mortgage Loan via Fannie Mae’s Servicing Solutions System for a list of delinquency status codes.

 

Ensure that appropriate follow-ups are scheduled and actions are taken in a timely manner to protect Fannie Mae’s interests.

 

Be able to provide Fannie Mae with documented evidence it took all required actions to mitigate a specific bankruptcy in a timely and appropriate manner.

For more information please see: E-2.1-01: General Servicing Requirements for Mortgage Loans Under Bankruptcy Protection.

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