Servicing Guide

Published September 9, 2020

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What are the requirements for reporting delinquent mortgage loans to Fannie Mae?

The servicer must advise Fannie Mae of the action it plans to take or has taken until the mortgage loan becomes current (or liquidated) by reporting   

  • the appropriate delinquency status code that best describes the latest action the servicer has taken to manage a delinquency or, if that failed, to liquidate the mortgage loan. (see Delinquency Status Code Hierarchy and Definitions for additional information); 
    • Note: The reporting of a specific delinquency status code does not relieve the servicer of the need to satisfy other requirements Fannie Mae has regarding providing its Fannie Mae Servicing Representative (see F-4-03, List of Contacts) with advance notice about a given action or requesting Fannie Mae’s prior approval before it takes a particular action; 
  • the effective date of the delinquency status being reported, if applicable (e.g., the month in which mortgage loan payments first become subject to a forbearance or repayment plan or the month in which the borrower files a bankruptcy action, etc.); 
  • the workout option program type code, if applicable;
  • the completion date of the delinquency status being reported, if applicable; and 
  • the reason for delinquency.
    • Note: Several different “reason for delinquency” codes could apply to an individual mortgage loan; however, the servicer must report the one that appears to be the primary reason for the borrower’s failure to make his or her monthly payments. 

The data submitted must be accurate, complete, timely, and must agree with the servicer’s records. Fannie Mae relies on accurate reporting by a servicer to track compliance with timing requirements and restrictions. 

The following table indicates what the servicer must report when the mortgage loan was reported to Fannie Mae as delinquent in the prior reporting cycle. 

When a mortgage loan was reported in the prior reporting cycle and… Then the servicer...

none of delinquency status information has changed

must re-transmit the same delinquency status information that it previously reported for the mortgage loan.

the delinquency status information has changed

must report the new delinquency status information.

Note: The servicer must report the delinquency status code; the effective date and completion date of the delinquency status being reported, if applicable; and the “reason for delinquency” code even if only one of them has changed.

a delinquency status code no longer applies because the mortgage loan has been reinstated (and the servicer reported a current LPI date through Fannie Mae’s investor reporting system)

will no longer need to report delinquency status information to Fannie Mae for that mortgage loan.

a delinquency status code no longer applies because the mortgage loan has been liquidated (and the servicer reported a liquidation action code through Fannie Mae’s investor reporting system)

For more information please see Servicing Guide F-1-22, Reporting a Delinquent Mortgage Loan via Fannie Mae’s Servicing Solutions System.

 

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