Fannie Mae Servicing Guide D1-1-03 — Evaluating a Second Lien Consideration of a Second Lien Mortgage Loan

fnma-svc-d1-1-03

Fannie Mae Servicing Guide D1-1-03 — Evaluating a Second Lien Consideration of a Second Lien Mortgage Loan.

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  authority: Fannie Mae Servicing Guide D1-1-03 — Evaluating a Second Lien Consideration of a Second Lien Mortgage Loan
  description: Fannie Mae Servicing Guide D1-1-03 — Evaluating a Second Lien Consideration of a Second Lien Mortgage Loan.
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      authority: Fannie Mae Servicing Guide D1-1-03 — Evaluating a Second Lien Consideration of a Second Lien Mortgage Loan
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      paragraph_quote: 'D1-1-03, Evaluating a Second Lien Consideration of a Second Lien Mortgage Loan (09/11/2024) The servicer must review and submit to Fannie Mae a request for a second lien consideration approval when one of the following situations apply: the second mortgage loan becomes 120 days delinquent, or the second mortgage loan has reached maturity plus 120 days; the ﬁrst mortgage loan is in default, regardless of the status of the second mortgage loan; or the second mortgage loan has an impediment or encumbrance making it impossible or impracticable to obtain clear title to the mortgage premises, and the mortgage loan is not subject to repurchase as outlined in A1-3-02, Fannie Mae-Initiated Repurchases, Indemniﬁcations, Make Whole Payment Requests and Deferred Payment Obligations. In addition, the servicer must follow the procedures in Requesting Approval for a Second Lien Consideration of a Second Lien Mortgage Loan in F-1-24, Requesting Fannie Mae’s Approval via Fannie Mae’s Servicing Solutions System for submitting a recommendation to Fannie Mae. See the Investor Reporting Manual for reporting a charge-oﬀ to Fannie Mae. Recent Related Announcements The table below provides references to recently issued Announcements that are related to this topic. Announcements Issue Date Announcement SVC-2024-05 September 11, 2024 Chapter D1-2, Servicing Renovation Mortgage Loans Introduction This chapter contains information on servicing renovation mortgage loans, which includes energy-related improvement mortgage loans. Published May 13, 2026 255'

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Fannie Mae Servicing Guide D1-1-03 — Evaluating a Second Lien Consideration of a Second Lien Mortgage Loan

D1-1-03, Evaluating a Second Lien Consideration of a Second Lien Mortgage Loan (09/11/2024) The servicer must review and submit to Fannie Mae a request for a second lien consideration approval when one of the following situations apply: the second mortgage loan becomes 120 days delinquent, or the second mortgage loan has reached maturity plus 120 days; the ﬁrst mortgage loan is in default, regardless of the status of the second mortgage loan; or the second mortgage loan has an impediment or encumbrance making it impossible or impracticable to obtain clear title to the mortgage premises, and the mortgage loan is not subject to repurchase as outlined in A1-3-02, Fannie Mae-Initiated Repurchases, Indemniﬁcations, Make Whole Payment Requests and Deferred Payment Obligations. In addition, the servicer must follow the procedures in Requesting Approval for a Second Lien Consideration of a Second Lien Mortgage Loan in F-1-24, Requesting Fannie Mae’s Approval via Fannie Mae’s Servicing Solutions System for submitting a recommendation to Fannie Mae. See the Investor Reporting Manual for reporting a charge-oﬀ to Fannie Mae. Recent Related Announcements The table below provides references to recently issued Announcements that are related to this topic. Announcements Issue Date Announcement SVC-2024-05 September 11, 2024 Chapter D1-2, Servicing Renovation Mortgage Loans Introduction This chapter contains information on servicing renovation mortgage loans, which includes energy-related improvement mortgage loans. Published May 13, 2026 255

Source: Fannie Mae Servicing Guide D1-1-03 — Evaluating a Second Lien Consideration of a Second Lien Mortgage Loan · source URL · snapshot cf63a82bbb4adfba