Servicing Guide

Published September 9, 2020

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What are the requirements for processing pre-petition and post-petition payments for a Chapter 13 Bankruptcy?

The servicer must monitor and separately account for all pre-petition and post-petition payments. If the payments are sent to the trustee, the servicer must access the trustee’s website or contact the trustee’s office to verify the receipt of specific payments. The following table outlines the specific information the servicer must maintain related to any payments it receives during the confirmation process. 

Details to be noted with the receipt of all payments pre-confirmation
 

Type of payment (pre-petition or post-petition).

 

Amount received.

 

Date received.

 

Source of the payment.

 

Allocation of the payment (principal, interest, late charges, etc.).

Unless the court requires the payments to be applied under the terms of the repayment plan, the servicer should generally hold any pre-petition payments it receives as “unapplied” funds until an amount equal to the contractual monthly or biweekly payment due is available for application.

During the confirmation process, the servicer must satisfy Fannie Mae’s standard remittance requirements for the remittance type of the mortgage loan, advancing funds when required for scheduled interest and scheduled principal, if applicable. See E-2.1-11, Remitting P&I for MBS Mortgage Loans That Are Part of a Bankruptcy and C-3-01, Responsibilities Related to Remitting P&I Funds to Fannie Mae for additional information. In addition, the servicer must comply with all policies and procedures in Fannie Mae’s Investor Reporting Manual.

For more information please see: E-2.2-04: Managing Chapter 13 Bankruptcies

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