Servicing Guide

Published September 9, 2020

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What actions must the servicer take once they have accessed the eliminations/rescissions daily report?

The servicer must access the Eliminations/Rescissions Daily Report on Fannie Mae Connect. The servicer must complete the actions listed in the following table. 

The servicer must...
 

Review the Elimination/Rescissions Daily Report for notification of servicer-requested elimination/rescission approvals and Fannie Mae-initiated eliminations/rescissions.

 

Add each eliminated file back into its servicer system within 24 hours of notification of approval or notification that the file has been eliminated by Fannie Mae.

 

Resume managing the eliminated/rescinded file pursuant to the Servicing Guide.

 

Work with the law firm that handled the foreclosure to ensure that any necessary activities to complete the elimination and/or rescission are coordinated in a timely fashion.

If a new foreclosure sale takes place or other actions are taken to validate the foreclosure sale, a new REOgram must be submitted within 24 hours of the action.

Upon elimination and/or rescission of the foreclosure sale, the servicer is responsible for transferring title into the appropriate party’s name and removing Fannie Mae from title in accordance with Correcting Conveyances to Fannie Mae in A2-1-03, Execution of Legal Documents. The servicer must initiate any required steps to restore title to the appropriate party within two days of the elimination and/or rescission notification. The servicer, however, must adhere to specific local and state law recordation requirements, as applicable.

For more information please see: E-4.1-02: Eliminations and Rescissions of Foreclosure Sales 

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