Servicing Guide

Published November 10, 2020

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Once confirmation of a bankruptcy plan, what is the timeframe that a special servicing option mortgage loan may be purchased from an MBS pool?

The following table outlines the time frame within which a special servicing option mortgage loan may be reclassified from an MBS pool. 

If a special servicing option mortgage loan is in an MBS pool... Then the mortgage loan may be reclassified...

issued on or after June 1, 2007

following the earlier of:

  • the confirmation of a reorganization plan that modifies the terms of the MBS mortgage loan; or

  • the loan having been in a continuous state of delinquency for at least four consecutive monthly payment due dates, or at least eight consecutive payment due dates in the case of a biweekly mortgage loan, without a full cure during that period.

issued prior to June 1, 2007

after the mortgage loan has been in a continuous state of delinquency for at least four consecutive monthly payment due dates, or at least eight consecutive payment due dates in the case of a biweekly mortgage loan, without a full cure during that period.

The mortgage loan may already appear on Fannie Mae’s list of delinquent mortgage loans due for reclassification. If not, the servicer must contact its Fannie Mae Servicing Representative (see F-4-03, List of Contacts) to request that the mortgage loan be added to the reclassifications scheduled for the month in which the plan is confirmed. If the opportunity to do so in the current month has expired, the servicer may request that the mortgage loan be added to the reclassifications for the following month.

For more information please see: E-2.1-11: Remitting P&I for MBS Mortgage Loans That Are Part of a Bankruptcy 

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