Servicing Guide

Published October 14, 2020

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What are the requirements for requesting prior approval for a Mortgage Release for a non-delegated case?

The servicer must evaluate a borrower for a Mortgage Release in accordance with D2-3.3-02, Fannie Mae Mortgage Release (Deed-in-Lieu of Foreclosure).

The following table outlines the required servicer actions to request Fannie Mae’s prior written approval for a Mortgage Release as a non-delegated case.

Step Servicer Action
1

Transmit the following through Fannie Mae’s servicing solutions system:

  • a description of the borrower's financial circumstances,

  • a property valuation,

  • general summary information about satisfaction of the eligibility criteria for Mortgage Release,

  • an indication of whether the borrower can make a cash contribution to reduce Fannie Mae's loss, and

  • its recommendation to Fannie Mae.

2

Obtain Fannie Mae’s decision regarding the Mortgage Release through Fannie Mae’s servicing solutions system. Fannie Mae will make its decision available shortly after Fannie Mae receives the servicer’s recommendation.

If... Then the servicer must...

Fannie Mae approves the Mortgage Release

continue to step 3.

Fannie Mae denies the Mortgage Release and instructs the servicer to continue with foreclosure

report the initiation of foreclosure in the next delinquency status information it transmits to Fannie Mae after the date of Fannie Mae's decision. Do not continue to step 3.

3

Obtain the letter including the terms and conditions of Fannie Mae's decision about acceptance of the Mortgage Release through Fannie Mae’s servicing solutions system.

4

Have its attorney prepare the deed of conveyance and file a claim with the insurer or guarantor. Also see E-4.2-01, Completing Conveyance Documents.

5

File a claim with the insurer or guarantor, if applicable.

For more information please see Servicing Guide F-1-25: Requesting Fannie Mae’s Approval via Fannie Mae’s Servicing Solutions System. 

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If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

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