Servicing Guide

Published September 18, 2018

Preface

The Servicing Guide is organized into six parts.

The Servicing Guide is organized into six parts. There are five parts (A-E), which are structured consistent with the mortgage loan life cycle and the servicers’ relationship with Fannie Mae. Part F, Servicing Guide Procedures, Exhibits and Quick Reference Materials, includes a variety of individual supporting materials, including a glossary of terms and a list of contacts. Parts may be structured by subpart, chapter, section, and topic; however, policies and requirements appear at the topic level only. The following table outlines a high-level overview of the Servicing Guide.

Part and Title Topics Include, but are not limited to,

A, Doing Business with Fannie Mae

  • Lender Contract, Duties and Responsibilities

  • Breach of Contract and Nonperformance

  • Mortgage Loan Files and Document Custodian Requirements

  • Setting Up Operations (Staffing, Procedures, Custodial Account Requirements)

B, Escrow, Taxes, Assessments, and Insurance

  • Escrow Administration

  • Property Taxes and Assessments

  • Insurance (Property, Flood, MI, and Lender-Placed)

C, Mortgage Payment Processing, Remitting, Accounting and Reporting

  • Payment Processing

  • ARM Loan Servicing

  • Payment Remitting and Accounting

  • Reporting

D, Providing Solutions to Borrowers

  • Release of Security

  • Transfers of Ownership

  • Notice of Liens, Legal Action, and Property Forfeitures and Seizures

  • Assisting Borrowers Facing Default or In Default

  • Fannie Mae Home Retention and Liquidation Workout Options

E, Default-Related Legal Services, Bankruptcy, Foreclosure, and Acquired Properties

  • Referring Default-Related Legal Matters to a Law Firm

  • Bankruptcy Proceedings

  • Foreclosure Proceedings

  • Managing Acquired Properties

Use of the Numbering System

A numbering system is used in the Servicing Guide to identify the level of content as shown in the following table.

Each...

Has a corresponding...

Example

part

letter

D

subpart

one-digit number beginning with 1

D2

chapter

one-digit number beginning with 1

D2–3

section

one-digit number beginning with 1

D2–3.1

topic

two-digit number beginning with 01

D2–3.1–01

The example column shows how the numbering system can be used to map the location of specific content within the Servicing Guide to part D, subpart 2, chapter 3, section 1, topic 01.

The part and subpart are combined as D2, the chapter and sections are combined as 3.1, and the topic is added as —01. Not all parts have subparts and not all chapters have sections. As topics are added, updated, and deleted with each publication of the Servicing Guide, the chapter, section and topic identifiers may change as necessary.

Effective Dates for the Servicing Guide

Each topic within the Servicing Guide is followed by a date shown in parentheses. Beginning with the publication of the 2014 Servicing Guide, this date represents the date of the most recent Servicing Announcement that amended content within an individual topic. The servicer must refer to the individual Servicing Announcement to determine the policy effective date. A link to all Servicing Announcements that amended the policies in that topic since the publication of the 2014 Servicing Guide can be found in the Related Announcements table at the end of the Servicing Guide topic, if applicable.

Amendments to the Servicing Guide

Fannie Mae may at any time alter or waive any of the requirements, impose other additional requirements, or rescind or amend any and all material set forth in the Servicing Guide. The servicer must make sure that its staff is thoroughly familiar with the content and requirements of the Servicing Guide as they now exist and as they may be changed from time to time.

Notification of Changes and Updates

Fannie Mae communicates amendments to the Servicing Guide through Servicing Announcements, Lender Letters, and Servicing Notices.

  • Servicing Announcements describe changes to policies and requirements within the Servicing Guide content. Servicing Announcements are numbered in chronological order as: SVC–201X–XX.

  • Lender Letters communicate either

    • new or modified policies and requirements that may be temporary in nature,

    • reminders of existing policies, or

    • advanced notice of policy changes with future effective dates to be included in future Servicing Guide updates.

    Lender Letters are numbered in chronological order as: LL–201X–XX.

  • Servicing Notices provide notification of information not impacting the Servicing Guide content, such as updates to an Exhibit on Fannie Mae’s website.

Fannie Mae does not mail printed copies of Guide updates, Servicing Announcements, Lender Letters, or Servicing Notices. Fannie Mae notifies servicers of changes and updates to its Servicing Guidepolicies and procedures — as communicated in Servicing Announcements, Lender Letters, and Servicing Notices — in two ways:

  • posting the documents on Fannie Mae’s website and the AllRegs® website, and

  • email notification of those postings to servicers that subscribe to Fannie Mae’s email subscription service and select the option “Servicing News.”

Exhibits and Forms Incorporated by Reference

Information about specific forms the servicer must use to fulfill the policies and requirements contained in the Servicing Guide is provided within the Guide. Servicers can access the actual forms in two ways:

  • on Fannie Mae’s website via the Guide Forms and Legal Docs page, which provides a complete list of all forms, or

  • through embedded links in the Servicing Guide on AllRegs or Fannie Mae’s website.

Some exhibits that relate to Fannie Mae policies and requirements are only referenced in the Servicing Guide but are posted in their entirety on Fannie Mae’s website. All materials referenced by hyperlink, such as forms, exhibits and reference materials that are posted to Fannie Mae’s website are incorporated by reference into the Servicing Guide and are fully enforceable.

In addition, from time to time, Fannie Mae issues product-specific guides or directives, which are incorporated into the Servicing Guide by reference. All forms, exhibits, and product-specific information — whether it currently exists or is subsequently created — referenced in the Servicing Guide now or later are legally a part of the Servicing Guideand Fannie Mae’s contract with its servicers.

Technical Issues

In the event of technical difficulties or system failures with Fannie Mae’s website, with delivery of the “Servicing News” options of Fannie Mae’s email subscription servicer, or with the AllRegs website, users may contact the following resources:

  • For Fannie Mae’s website and Fannie Mae’s email subscription servicer, the servicer may use the “Contact Us” link of the website to ask a question or obtain more information.

  • For the AllRegs website, the servicer may submit an email support request from the AllRegs website or contact AllRegs Customer Service at (800) 848–4904.

When Questions Arise

The Servicing Guide explains how to become an approved Fannie Mae servicer and the policies and requirements required to perform normal and routine servicing matter. If a servicer feels that a situation is not covered by the Servicing Guide, or a procedure may not apply due to extenuating circumstances, the servicer’s principal contact should be its lead Fannie Mae Servicing Representative (see F-4-03, List of Contacts) unless specifically instructed otherwise in the Servicing Guide.

For a list of other Fannie Mae contact information, refer to Quick Reference Materials in the Servicing Guide.