Servicing Guide

Published September 9, 2020

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What are the requirements for remitting short sale proceeds?

For portfolio mortgage loans, PFP mortgage loans, and special servicing option MBS mortgage loans, the servicer must remit short sale proceeds to Fannie Mae in accordance with C-1.2-02, Processing Short Sale Proceeds, by taking the actions described in the following table. 

The servicer must...
 

Remit the short sale proceeds via CRS as a special remittance using special remittance code 357.

Note: Do NOT submit as code 001, 002, or 003.

 

Remit any borrower cash contributions associated with the short sale using special remittance code 324.

 

Remit the short sale proceeds to Fannie Mae within two business days of the servicer’s receipt of the net sale proceeds, but no later than three business days after the short sale.

 

Include the Fannie Mae loan number where indicated.

 

Contact its assigned Fannie Mae Investor Reporting Representative (see F-4-03, List of Contacts) with any questions related to remitting short sale proceeds.

For regular servicing option MBS mortgage loans, shared-risk special servicing option MBS mortgage loans, regular servicing option RD mortgage loans, or any mortgage loans subject to some type of recourse or other credit enhancement arrangement, the servicer must remit the short sale proceeds just as it would remit a full payoff of any other regular servicing option MBS mortgage loan since the servicer must absorb any losses and expenses related to the short sale.  

For more information please see Servicing Guide F-1-21, Remitting and Accounting to Fannie Mae.

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