Servicing Guide

The Servicing Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. You may also download the entire Servicing Guide in PDF format.

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Are we required to perform any property maintenance functions on delinquent mortgage loans?

When a mortgage loan is delinquent including throughout the foreclosure process, the servicer must perform all property maintenance functions as necessary to ensure that the condition and appearance of the property are satisfactorily maintained.

The servicer must manage and protect the property until it is conveyed to the insurer or guarantor, or until Fannie Mae assigns that responsibility elsewhere, including when

  • a borrower selects an immediate move Mortgage Release and the REOgram is submitted to Fannie Mae, or

  • a borrower selects the three-month transition or twelve-month lease.

For more information please see: E-3.2-12: Performing Property Preservation During Foreclosure Proceedings

 

Related Articles

What actions must be taken during foreclosure proceedings to ensure the value of the property is protected?

The servicer must take whatever action is necessary to protect the value of the property in accordance with the Property Preservation Matrix and Reference...

Read more

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