When marketing the foreclosure sale for a property securing a conventional first lien mortgage loan in select jurisdictions in accordance with E-3.3-04, Marketing the Foreclosure Sale and Using Foreclosure Auction Services, the servicer must use a vendor identified in the Foreclosure Sale Marketing and Auction Services Exhibit.
The use of a Fannie Mae vendor for foreclosure auction services is optional, and the servicer must allow the law firm the discretion to choose whether to use a vendor for these services.
The Foreclosure Sale Marketing and Auction Services Exhibit sets forth complete requirements for foreclosure sale marketing and foreclosure auction services, including descriptions of each service and applicable jurisdictions.
Fannie Mae will directly pay the vendors it has engaged for any foreclosure sale marketing and foreclosure auction services assigned to them. If the servicer chooses to use a vendor for foreclosure sale-related services in a jurisdiction where Fannie Mae has not engaged the vendor, the servicer is responsible for paying the vendor.
For more information please see Servicing Guide F-1-08, Managing Foreclosure Proceedings.