Servicing Guide

Published September 9, 2020

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What action should be taken when the property is conveyed to Fannie Mae in error?

If the servicer conveys a property to Fannie Mae in error, the servicer must comply with the requirements shown in the following table in preparing the reconveyance quitclaim deed, in accordance with Correcting Conveyances to Fannie Mae in A2-1-03, Execution of Legal Documents. 

The servicer must...
 

Insert the following clause in the body of the quitclaim deed:

“This property was inadvertently conveyed to the Federal National Mortgage Association and the Federal National Mortgage Association did not accept the deed.”

Note: The word “conveyed” must be used in the first clause, as noted above; otherwise, do not use it.

 

Ensure that the grantor’s name in the quitclaim deed matches the grantee’s name in the recorded deed.

 

Ensure that the property address and legal description are included in the quitclaim deed.

 

Ensure that the property address and the legal description match what is in the recorded deed.

 

Provide supporting documentation showing the recorded conveyance to Fannie Mae (i.e., foreclosure deed).

 

Include the address shown in Fannie Mae Contacts for Document Execution Requests .

 

Submit the quitclaim deed for recordation within five business days of receipt of the fully executed quitclaim deed from Fannie Mae.

  Maintain the final recorded quitclaim deed in the individual mortgage loan file.

Note: Unless Fannie Mae requests it, the servicer must not submit the final recorded quitclaim deed (or a copy) to Fannie Mae.

The following words must not be used in the body of the quitclaim deed as they do not convey ownership from the grantor to the grantee: 

  • grants,
  • sold,
  • bargain, or
  • convey.

The following words may be used in the body of the quitclaim deed to convey ownership from the grantor to the grantee: 

  • remise,
  • release, or
  • quitclaim.

Note: Fannie Mae will only follow the chain of title or assignment and will only quitclaim to the previous grantor or assignor. 

For more information please see Servicing Guide F-1-10, Obtaining and Executing Legal Documents. 

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