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.

View All Servicing Policy Updates

Download PDF

Hint: Ask in a form of a question.

For best results, pose your search like a question.

E-3.3-02: Certifying the Status of Workout Negotiations Prior to Foreclosure Sale (11/12/2014)

The servicer must complete an account review between 7 and 15 days prior to the scheduled foreclosure sale. The following table provides additional servicer guidelines related to the pre-sale certification.

If… Then the servicer must…

the servicer determines that all delinquency management requirements have been achieved and there is no workout offer either pending or accepted

send written certification to the law firm between 7 and 15 days prior to the foreclosure sale date indicating that the law firm must continue with the foreclosure sale.

a complete BRP was received and an offer for a retention option was extended to the borrower on or before the 7th day prior to the foreclosure sale, or an approved purchase offer for a short sale is scheduled to close

not issue a certification to the law firm and must make every effort to stop a scheduled foreclosure sale.

local jurisdictional requirements are such that the 7- to 15-day time frame prior to foreclosure sales needs to be extended in order to comply with jurisdictional requirements

allow additional time to complete the review and provide the certification to the law firm sooner.

The servicer must instruct the law firm to postpone the foreclosure sale if certification cannot be provided prior to the foreclosure sale date.

The servicer must work with the law firm to develop a process for receipt of the certification to prevent unnecessary delays. Delays in the foreclosure proceeding timelines resulting from cancellation of the foreclosure sale or from the servicer’s failure to provide timely certification to the law firm will subject the servicer to compensatory fees. See A1-4.2-02, Compensatory Fees for Delays in the Liquidation Process for additional information.

Have You Tried Ask Poli?

Poli knows. Just ask.

Ask Poli features exclusive Q&As and
more—plus official Selling & Servicing
Guide
content.

Try Ask Poli

Related Articles

What are the requirements when completing an account review prior to the scheduled foreclosure sale?

The servicer must complete an account review between 7 and 15 days prior to the scheduled foreclosure sale. The following table provides additional...

Read more

Can we proceed with the foreclosure sale if the pre-sale certification is not completed prior to the foreclosure sale date?

The servicer must instruct the law firm to postpone the foreclosure sale if certification cannot be provided prior to the foreclosure sale date. The...

Read more

Have guide questions? Get answers to all of your policy questions, straight from the source.

Get Started
X
Having Issues with Seeing this Page Correctly?

Use Firefox or Chrome   How to do a hard refresh in Internet Explorer
We recommend that you use the latest version of FireFox or Chrome.

Download Firefox
Download Chrome
  A hard refresh will clear the browsers cache for a specific page and force the most recent version of a page.
    Hold the Ctrl key and press the F5 key.
     

Email Us
If you still have Technical Support questions, feel free to emailAsk_Poli@fanniemae.com.