Servicing Guide

Published September 9, 2020

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What are the general requirements for issuing bidding instructions to the law firm for loans that are referred for foreclosure?

General Requirements for All Bidding Instructions

The servicer must issue bidding instructions to the law firm for all mortgage loans referred for foreclosure. The servicer must pay particular attention to any bidding requirements issued by FHA, VA, RD, or the mortgage insurer to make sure that Fannie Mae will not be prevented from recovering the full amount due under the insurance or guaranty contract.

The following table provides the servicer with additional information related to submitting property valuation requests when required by applicable law, Fannie Mae, or the MI company.

The servicer must…
 

Request the property valuation for bidding instructions as soon as it is aware of the foreclosure sale date, but no earlier than 90 days prior to the foreclosure sale date.

 

Include a completed VMS Valuation Order Template with the request.

Note: To obtain access to the VMS application, the servicer must complete a VMS User Setup Template and submit it to Fannie Mae’s SF CPM division (see F-4-03, List of Contacts). The servicer must include the cost of the property value order in the MI claim, when applicable.

 

Obtain the results of property valuation order requests for the purposes of bidding instructions through Fannie Mae’s servicing solutions system within 7 to 10 calendar days from the date the servicer submits the request.

Fannie Mae will not email the results of the property valuation to the servicer.

For more information please see: E-3.3-05: Issuing Bidding Instructions

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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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