Servicing Guide

Published June 10, 2020

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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What happens if the number of actual days to complete the foreclosure proceedings exceeds the maximum number of allowable days established by Fannie Mae?

If the number of actual days to complete the foreclosure proceedings exceeds the maximum number of allowable days, and no reasonable explanation for the delay is provided to Fannie Mae through monthly delinquency status reporting or other information exchange protocols, Fannie Mae will require the servicer to pay a compensatory fee as outlined in A1-4.2-02, Compensatory Fees for Delays in the Liquidation Process .

Examples of reasonable explanations for delays include, but are not limited to, the following:

  • bankruptcy;

  • probate;

  • military indulgence;

  • contested foreclosure;

  • the mortgage loan is currently in review for a mortgage loan modification;

  • the mortgage loan is in an active workout option; or

  • recent legislative, administrative, or judicial changes to existing state foreclosure laws, provided that the servicer is diligently working toward resolution of the delay to the extent feasible.

Fannie Mae will not impose compensatory fees for delays beyond the control of the servicer, provided that the delinquency status codes and any other information reported by the servicer on the loan are timely and accurate.

For more information please see: E-3.2-15: Allowable Time Frames for Completing Foreclosure.

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