Fannie Mae Servicing Guide D2-3.1-04 — Offering a Workout Option When Also Servicing a Subordinate Lien Mortgage Loan
Fannie Mae Servicing Guide D2-3.1-04 — Offering a Workout Option When Also Servicing a Subordinate Lien Mortgage Loan.
Verbatim regulatory text
Verbatim provisions from Fannie Mae Servicing Guide D2-3.1-04 — Offering a Workout Option When Also Servicing a Subordinate Lien Mortgage Loan — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Fannie Mae Servicing Guide D2-3.1-04 — Offering a Workout Option When Also Servicing a Subordinate Lien Mortgage Loan
D2-3.1-04, Offering a Workout Option When Also Servicing a Subordinate Lien Mortgage Loan (09/09/2020) Introduction This topic contains information on offering a workout option when also servicing a subordinate lien mortgage loan. Offering a Workout Option When Also Servicing a Subordinate Lien Mortgage Loan Offering a Workout Option When Also Servicing a Subordinate Lien Mortgage Loan If the servicer of a first lien mortgage loan owned or securitized by Fannie Mae also services a subordinate lien mortgage loan for the same property, either for themselves or another investor, and the servicer determines that the borrower is eligible for a workout option relating to the first lien mortgage loan, the offer to accept the workout option must not be contingent upon the borrower making payments on or bringing current the subordinate lien mortgage loan. Fannie Mae recognizes that it may be necessary for the servicer to make a payment to a subordinate lienholder in certain instances. The servicer must obtain Fannie Mae’s prior written approval to make payment to a subordinate lienholder when the servicer determines that a payment deferral or a mortgage loan modification is the appropriate workout option for a borrower. See Allowable Payments to Subordinate Lienholders in D2-3.3-01, Fannie Mae Short Sale and in D2-3.3-02, Fannie Mae Mortgage Release (Deed-in-Lieu of Foreclosure) for additional information on payments to subordinate lienholders for short sales and Mortgage Releases.
Operationalizing Fannie Mae Servicing Guide D2-3.1-04 — Offering a Workout Option When Also Servicing a Subordinate Lien Mortgage Loan
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