servicing guide - · pdf file... mortgage electronic registration system ... loans and...

840
Servicing Guide Fannie Mae Single Family

Upload: vuongthuan

Post on 20-Mar-2018

220 views

Category:

Documents


4 download

TRANSCRIPT

  • Servicing GuideFannie Mae Single Family

  • 12/13/2017

    Servicing Guide: Fannie Mae Single Family

    Published 12/13/2017

    Printed copies may not be the most current version. For the most current version, go to the online version at https://www.fanniemae.com/singlefamily/servicing.

    ii

  • 12/13/2017

    Fannie Mae Copyright Notice

    2017 Fannie Mae. No part of this publication may be reproduced in any form or by any means without Fannie Maes prior written permission, except as may be provided herein or unless otherwise permitted by law. Limited permission to reproduce this publication in print in whole or in part and limited permission to distribute electronically parts of this publication are grant-ed to Fannie Mae-approved lenders, servicers, and other mortgage finance professionals, strictly for their own use in origi-nating mortgages, selling mortgages to Fannie Mae, or servicing mortgages for Fannie Mae. Fannie Mae may revoke these limited permissions by written notice to any or all Fannie Mae-approved users.

    Trademarks are the property of their respective owners.

    A full version of this publication is available on Fannie Mae's website. If there should ever be a difference between this pub-lication as it appears on the AllRegs website and the version published by Fannie Mae, the difference is an error. In such event, the Fannie Mae version of this publication shall be deemed the correct authoritative version. Material discrepancies between the two versions, identified by Fannie Mae or otherwise brought to our attention, may be addressed by Announce-ment.

    (2) Disclaimer: This publication is posted on the AllRegs website of Ellie Mae, Inc., which operates the AllRegs brand (All-Regs) under license from and with the express permission of Fannie Mae. Ellie Mae is the exclusive third-party electronic publisher of this publication. Fannie Mae makes no representation or warranty regarding any of the features, functionality, or other contents of the AllRegs website.

    You acknowledge and agree (individually and on behalf of the entity for which you are accessing this publication, "You") that You may not make any claim against Fannie Mae or Ellie Mae for any errors, and: (i) neither Fannie Mae nor Ellie Mae shall be liable to You for any losses or damages whatsoever resulting directly or indirectly from any errors, and (ii) Ellie Mae ex-pressly disclaims any warranty as to the results to be obtained by You from use of the AllRegs website, and Ellie Mae shall not be liable to You for any damages arising directly or indirectly out of the use of the AllRegs website by You.

    Printed copies may not be the most current version. For the most current version, go to the online version at https://www.fanniemae.com/singlefamily/servicing.

    iii

  • Table of Contents

    Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xvPart A, Doing Business with Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1

    Subpart A1, Contractual Obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2Chapter A1-1, Understanding the Lender Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

    A1-1-01, Application and Approval of Seller/Servicer (02/15/2017) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3A1-1-02, Representation and Warranty Requirements (08/16/2017). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6A1-1-03, Evaluating a Servicers Performance (11/25/2015) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

    Chapter A1-2, Termination of the Lender Contract without Cause . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11A1-2-01, Servicers Termination of the Lender Contract (11/12/2014). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11A1-2-02, Fannie Maes Termination of the Lender Contract without Cause (11/12/2014) . . . . . . . . . . . . . . . . . .12

    Chapter A1-3, Repurchases, Indemnifications, and Make Whole Payment Requests . . . . . . . . . . . . . . . . . . . . . . .15A1-3-01, Requirements for Voluntary Repurchase (11/12/2014) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15A1-3-02, Fannie Mae-Initiated Repurchases, Indemnifications, Make Whole Payment Requests and Deferred Payment Obligations (08/17/2016). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17A1-3-03, Repurchase Obligations Related to Bifurcated Mortgage Loans (02/15/2017) . . . . . . . . . . . . . . . . . . .35A1-3-04, Reporting the Repurchase (11/12/2014) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44A1-3-05, DELETED TOPIC: Repurchase of a Home Affordable Modification Program Mortgage Loan (09/13/2017) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45A1-3-06, Redelivering a Mortgage Loan (11/12/2014) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45A1-3-07, Automatic Reclassification of MBS Mortgage Loans (07/08/2015) . . . . . . . . . . . . . . . . . . . . . . . . . . . .46A1-3-08, Custodial Document Requirements (06/21/2017) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47

    Chapter A1-4, Breach of Contract and Nonperformance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48Section A1-4.1, Remedies Available to Fannie Mae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49

    A1-4.1-01, Defining a Breach of Contract (06/21/2017) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49A1-4.1-02, Fannie Maes Remedies (08/17/2016) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50

    Section A1-4.2, Imposition of Compensatory Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55A1-4.2-01, Compensatory Fees Other Than Delays in the Liquidation Process (02/15/2017) . . . . . . . . . . . .55A1-4.2-02, Compensatory Fees for Delays in the Liquidation Process (03/09/2016) . . . . . . . . . . . . . . . . . . .58

    Subpart A2, Getting Started with Fannie Mae. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .62Chapter A2-1, Servicer Duties and Responsibilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63

    A2-1-01, General Servicer Duties and Responsibilities (07/12/2017) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63A2-1-02, Servicers Duties and Responsibilities Related to MBS Mortgage Loans (07/13/2016) . . . . . . . . . . . .67A2-1-03, Execution of Legal Documents (11/12/2014) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71A2-1-04, Note Holder Status for Legal Proceedings Conducted in the Servicers Name (06/21/2017) . . . . . . . .72A2-1-05, Use of Fannie Mae Trademarks (08/16/2017). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74A2-1-06, Subservicing (02/15/2017). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75A2-1-07, First Lien Mortgage Loan Requirements (11/12/2014) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .78A2-1-08, Compliance with Requirements and Laws (06/21/2017) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82

    Chapter A2-2, Refinance and Lending Practices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .88A2-2-01, Questionable Refinance Practices (11/12/2014) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .88A2-2-02, Responsible Lending Practices (11/12/2014) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89

    Printed copies may not be the most current version. For the most current version, go to the online version at https://www.fanniemae.com/singlefamily/servicing.

    iv

  • A2-2-03, Prohibited Refinance Practices (10/19/2016) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89Chapter A2-3, Servicer Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92

    A2-3-01, Servicer Compensation (12/14/2016) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92A2-3-02, Servicing Fees for Portfolio and MBS Mortgage Loans (10/14/2015) . . . . . . . . . . . . . . . . . . . . . . . . . .94A2-3-03, Yield Differential Adjustments (08/16/2017) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .95A2-3-04, Late Charges as Compensation (11/12/2014). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96A2-3-05, Fees for Special Services (11/08/2017) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .97A2-3-06, Prepayment Premiums (11/12/2014). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99

    Cha