Servicing Guide

Published September 9, 2020

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What is required if the servicer is servicing both a first mortgage owned by Fannie Mae and a subordinate lien mortgage being reviewed for foreclosure?

If the servicer services first lien mortgage loans owned or securitized by Fannie Mae and also services subordinate lien mortgage loans for itself or other investors, the servicer must follow Fannie Mae’s foreclosure guidelines and process both the prereferral review and any foreclosure proceedings for the Fannie Mae mortgage loans in a timely manner. The servicer must not consider the status of, or impact on, any subordinate liens that the servicer is servicing for itself or other investors when performing a prereferral review or proceeding with a foreclosure action. However, the servicer that also services a subordinate lien mortgage loan may assign the first lien mortgage loan to Fannie Mae and file the foreclosure of the first lien mortgage loan in Fannie Mae’s name in order to avoid having to “sue itself” in the foreclosure action.

For more information please see: E-3.2-02: Initiating Foreclosure Proceedings on a First Lien Conventional Mortgage

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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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