Fannie Mae Servicing Guide B-5-02 — Uninsured Loss Events

fnma-svc-b-5-02

Fannie Mae Servicing Guide B-5-02 — Uninsured Loss Events.

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Verbatim provisions from Fannie Mae Servicing Guide B-5-02 — Uninsured Loss Events — 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 B-5-02 — Uninsured Loss Events

Effective 2020-09-09 · publisher's stamp for this provision

B-5-02, Uninsured Loss Events (09/09/2020) When a natural disaster or other event results in an uninsured loss to the property, the servicer must take the steps listed in the following table. Step Servicer Action 1 Determine the damage. Step Servicer Action 2 If the property is abandoned, secure it in accordance with the requirements for a property in foreclosure in E-3.2-12, Performing Property Preservation During Foreclosure Proceedings and the Property Preservation Matrix and Reference Guide. 3 Develop plans to repair the property. 4 Assist the borrower in filing for any disaster relief that may be available in accordance with D1-3-01, Evaluating the Impact of a Disaster Event and Assisting a Borrower. 5 Evaluate the borrower for a workout option in accordance with Chapter D2-3, Fannie Mae’s Home Retention and Liquidation Workout Options, if applicable.

Source: Fannie Mae Servicing Guide B-5-02 — Uninsured Loss Events · source URL · snapshot cf63a82bbb4adfba

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