FNMA Servicing Guide D2-3.1 — Determining the Appropriate Workout Option / Conditions for MBS Pool Modification / Group Home Servicing
FNMA Servicing Guide D2-3.1-02 and D2-3.1-03 govern operational rules for workout options on MBS-pool mortgage loans and group home mortgage loans: no-modify-while-in-MBS-pool rule, 4- consecutive-month delinquency precondition for special-servicing MBS removal, Trial Period Plan payment precondition for modification implementation, modification-effective-only-after- MBS-removal rule, and group-home foreclosure-prevention duty requiring work with the funding agency. Fills FNMA Servicing D2- 3.1 chapter gap.
Verbatim regulatory text
Verbatim provisions from FNMA Servicing Guide D2-3.1 — Determining the Appropriate Workout Option / Conditions for MBS Pool Modification / Group Home Servicing — 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.
FNMA Servicing Guide D2-3.1-02 — No mortgage modification while loan is in an MBS pool
The servicer must not modify a mortgage loan while it is in an MBS pool (including PFP mortgage loans).
FNMA Servicing Guide D2-3.1-02 — 4-consecutive-month delinquency precondition for special-servicing MBS removal
if a special servicing option mortgage loan has been in a continuous state of delinquency for four consecutive monthly payment due dates (or at least eight consecutive payment due dates in the case of a biweekly mortgage loan) without a full cure of the delinquency during that period, then the mortgage loan may be modified after it is removed from the MBS pool.
FNMA Servicing Guide D2-3.1-02 — Modification not implemented if Trial Period Plan payments not made
The servicer must ensure that the mortgage loan modification is not implemented if the required Trial Period Plan payments are not made in accordance with the applicable mortgage loan modification workout option, since the preconditions to make the mortgage loan modification effective have not been satisfied.
FNMA Servicing Guide D2-3.1-02 — Mortgage loan modification not effective while in MBS pool
The servicer must ensure that a mortgage loan modification does not become effective while it remains in an MBS pool.
FNMA Servicing Guide D2-3.1-03 — Group home delinquency: work with funding agency to resolve
must work with the borrower and the funding agency to resolve a serious delinquency; and devote additional resources to foreclosure prevention efforts when the group home that secures a delinquent mortgage loan is still being occupied by disabled tenants and, if appropriate, delay the initiation of foreclosure.
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Source of record: https://claudeforcompliance.com/regs/fnma-svc-d2-3-1/
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