Once the foreclosure sale is held and the property acquired, or a Mortgage Release has been executed, the servicer must notify Fannie Mae about the property acquisition.
Two different notifications are required:
an early warning notice (REOGram) that Fannie Mae has an acquired property to dispose of, and
the notice of the removal status code that is part of the regular monthly reporting process.
See Reporting a Mortgage Release to Fannie Mae in F-1-23, Reporting a Workout Option via Fannie Mae’s Servicing Solutions System , as well as Reporting a Mortgage Loan Liquidation to Fannie Mae in Fannie Mae’s Investor Reporting Manual for additional information.
For more information please see: E-4.1-01: Notifying Fannie Mae of an Acquired Property