Servicing Guide

Published October 14, 2020

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What are the requirements for executing and recording a government mortgage loan modification agreement?

The servicer must execute the mortgage loan modification in accordance with D2-3.2-03, Government Mortgage Loan Modifications.

The following table provides the servicer’s requirements for executing and, if applicable, recording the mortgage loan modification agreement based upon the entity that is the mortgagee of record. 

If... Then the servicer...

the servicer is the mortgagee of record

is authorized to execute the applicable mortgage loan modification agreement and, if applicable, submit it for recordation. The servicer must then take the following actions:

  • send a copy of the executed mortgage loan modification agreement to the borrower and to the mortgage insurer or guarantor,

  • submit the original executed mortgage loan modification agreement (and recorded, if applicable) to the appropriate custodian, and

  • place a copy in the mortgage loan servicing file.

MERS is the mortgagee of record

Fannie Mae is the mortgagee of record and has given the servicer a LPOA that allows it to execute this type of mortgage loan modification on Fannie Mae’s behalf

Fannie Mae is the mortgagee of record, but has not given the servicer a LPOA that allows it to execute this type of mortgage loan modification on Fannie Mae’s behalf

must send the original mortgage loan modification agreement to Fannie Mae’s SF CPM division (see F-4-03, List of Contacts) for execution.

The servicer must send the mortgage loan modification agreement under cover of a transmittal letter that specifies the following:

  • the type of action being requested,

  • whether the mortgage loan modification agreement will need to be recorded in the public records after it is executed, and

  • an address to which the executed mortgage loan modification agreement should be returned.

Fannie Mae will execute the mortgage loan modification agreement and return it to the servicer, regardless of whether the executed mortgage loan modification agreement needs to be recorded.

Note: If the mortgage loan modification agreement needs to be recorded, the servicer must submit it for recordation.

For more information please see F-1-16, Processing a Government Mortgage Loan Modification

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