Top Trending Questions

See a list of top trending questions from lenders and servicers received from the Selling Guide Support Team and Servicing Solutions Center.

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Note: The actual provisions of the Fannie Mae Selling and Servicing Guides, as may be amended by the lender’s or servicer’s contracts with Fannie Mae, shall govern in the event of any inconsistency with these answers.

Trending Questions

Question Answer
Where can I find information on IRS Form 1099? The IRS requires that information returns be filed when Fannie Mae (or a third party) acquires an interest in a property in full or partial satisfaction of the secured debt, or when Fannie Mae has reason to know that a property has been abandoned. (Ref: Servicing Guide: Part C-4.2-01: Filing IRS Forms 1099-A, 1099-C and 1099–MISC)
What is Quality Right Party Contact? Quality Right Party Contact (QRPC) is a uniform standard for communicating with the borrower, co-borrower, or a trusted advisor about resolution of the mortgage loan delinquency. (Ref: Servicing Guide D2-2-01: Achieving Quality Right Party Contact with a Borrower)
If a borrower is deceased, what options are available to his/her heirs or estate? Eligible surviving parties have several options they can consider in regards to transferring the property. Fannie Mae published a job aid for servicers in November 2013.
When can a servicer cancel the hazard insurance when a property has gone to foreclosure sale? For non-redemption states the insurance must be cancelled within 14 days after the post foreclosure inspection has been completed and the property has been confirmed vacant. For redemption states the insurance must be cancelled once the redemption period has expired and the property is reported vacant. (Ref: Servicing Guide: Part VIII: Chapter 3: Section 302 - Property Management)
How do I access the Non-Eligible list for Streamlined Modification? A very few number of servicing organizations may not have access to Fannie Mae's Technology Manager, which is necessary to assign access rights as described above. If this is the case for your organization, please go to Fannie Mae's Technology Manager in order to obtain access.
Where can I get more information about Fannie Mae's Servicing Management Default Underwriter (SMDU)? SMDU is a loss mitigation platform used by Fannie Mae servicers for real-time evaluation and decisioning. To find out more, talk with your Fannie Mae portfolio manager or visit our website.
How do I register a new foreclosure attorney with Fannie Mae? The Fannie Mae Servicer Selection Form (Form 200) is used by Fannie Mae servicers to recommend law firms to Fannie Mae to perform default-related legal services.
I'm a new Fannie Mae servicer. Where do I start? Welcome to Fannie Mae! Everything you'll need to understand our expectations and reporting requirements is available on the Business Portal. To help you get started, we offer a toolkit to help you navigate the website and find important resources.
When and how do we notify Fannie Mae of a completed foreclosure and what are our next steps? Servicers must submit an REOgram via Fannie Mae's Asset Management Network within 24 hours of a foreclosure sale, or within 24 hours of the date the servicer accepts a Mortgage Release. (Ref: REOgram Job Aid for next steps)