Servicing Guide

Published November 10, 2020

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What are the procedures for transferring ownership of an eNote mortgage loan in order to pursue a foreclosure, bankruptcy, or other legal proceedings?

The servicer must request a transfer in control and location in accordance with Temporary Possession by the Servicer in A2-1-04, Note Holder Status for Legal Proceedings Conducted in the Servicer’s Name. In states in which the seller/servicer must be the holder of an eNote prior to commencing legal action (such as foreclosure, filing a Proof of Claim or other filing, an action in a borrower’s bankruptcy proceedings or other litigation in connection with servicing a mortgage loan), the servicer must request a transfer in “Control and Location” of an eNote from Fannie Mae using the steps in the following table.

Step Servicer Action
1.

Submit a Request for Release/Return of Documents (Form 2009) and Fannie Mae eNote Transfer of Control Request (Form 197) to Fannie Mae’s Custodian Oversight Department at eMortgage_Custody@fanniemae.com at least three business days before the change in control and location is required.

2.

Accept the transfer on the same business day the servicer receives notification from Fannie Mae that the transfer has been initiated.

3.

Verify that the transfer has been completed and that the servicer now is in the CONTROLLER field on the MERS eRegistry and is also listed in the LOCATION field.

The servicer must initiate a timely transfer of control and location back to Fannie Mae if the foreclosure process for an eMortgage is canceled.

For more information please see Servicing Guide F-1-27: Servicing eMortgages.

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