Servicing Guide

Published November 10, 2020

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How should rents collected under the assignment of rents provision be applied when the mortgage loan is in foreclosure?

The following table provides the servicer with instructions when the mortgage loan is in foreclosure and the servicer is already collecting rental income. 

The servicer must…
 

Hold any rental income it receives as unapplied funds until the mortgage loan is liquidated.

 

Keep a record of rental income collections and disbursements so that they can be considered when the final claim under the MI or guaranty is filed.

 

Remit Fannie Mae's share of the rental income to Fannie Mae or deduct it from the amount due to reimburse the servicer for any advances it made.

For more information please see: E-3.2-11: Collecting Under an Assignment of Rents 

 

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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.

Guide Resources

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Visit Selling and Servicing Guide Communications and Forms

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