Servicing Guide

Published September 9, 2020

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What delinquency status code should be used to report a Trial Modification to Fannie Mae?

When multiple delinquency status codes are applicable to an individual loan, the servicer must use the appropriate delinquency status code in the highest priority. Priority Level 1, Priority Level 2, and Priority Level 3 delinquency status codes are mutually exclusive, meaning only one delinquency status code within each priority level can apply during a reporting cycle. If the most appropriate delinquent status code is in a priority level in which the codes are not mutually exclusive, the servicer must determine the delinquency status code that best describes the latest action it has taken to cure the delinquency or to liquidate the mortgage loan

The servicer must continue to report the appropriate delinquency status code based on the hierarchy and the effective date of the action taken until the delinquency has been resolved or the delinquency status action is complete.

Note: If the description does not provide a definition of the effective date, then the servicer must report the date the action was taken.

Priority Level 1
Codes for Approved Workout Options
Code Name Definition
BF Trial Modification

The borrower has been approved to participate in a mortgage loan modification that requires a Trial Period Plan, even if the borrower files bankruptcy. This code should remain until all scheduled Trial Period Plan payments have been received and the delinquency status code is changed to reflect the most appropriate status.

  • The Effective Date is the first day of the month in which the first Trial Period Plan payment is due.

  • The Completion Date is the last day of the month in which the Trial Period Plan has ended.

For more information, please see Delinquency Status Code Hierarchy and Definitions in Servicing Guide F-1-22: Reporting a Delinquent Mortgage Loan via Fannie Mae’s Servicing Solutions System.

 

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