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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Is the servicer authorized to waive Fannie Mae's deficiency judgment rights?

The servicer is authorized to waive Fannie Mae’s deficiency judgment rights if so doing will help resolve foreclosure delays based upon individual borrower circumstances. This authorization is applicable only to conventional mortgage loans that are in foreclosure and are experiencing foreclosure delays.

The servicer must contact the mortgage insurer (if the mortgage loan is covered by MI) to obtain the mortgage insurer’s consent to waive its deficiency judgment rights.

If the mortgage insurer does not provide its consent to waive its deficiency judgment rights, the servicer must notify the borrower that, notwithstanding Fannie Mae’s waiver of its deficiency judgment rights, the mortgage insurer may have the right to pursue the borrower for any deficiency judgment that occurs from the resolution of the foreclosure matter.

For each deficiency waiver granted, the servicer must ensure that it properly documents the deficiency waiver in the mortgage loan servicing file and must be able to provide this information to Fannie Mae upon request.

For more information please see: E-3.3-07: Pursuing a Deficiency Judgment

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