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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What actions should the servicer take to ensure that any default related legal expenses are reduced and consistent with Fannie Mae requirements?

Both the servicer and the law firm must make every effort to reduce default-related legal expenses in a manner consistent with Fannie Mae’s guidelines and all applicable law.

The servicer must attempt to minimize the costs incurred from vendors utilized by the law firm—such as auctioneers, process servers, title companies, posting companies, and newspapers or other publications—by ensuring that all costs are actual, reasonable, and necessary. The servicer and law firm must regularly examine the pricing offered by alternative vendors and negotiate for the best value from the vendor and other qualified service providers.

For more information please see: E-5-07, Other Reimbursable Default-Related Legal Expenses

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