Fannie Mae Servicing Guide E-3.2-12 — Performing Property Preservation During Foreclosure Proceedings

fnma-svc-e-3-2-12

Fannie Mae Servicing Guide E-3.2-12 — Performing Property Preservation During Foreclosure Proceedings.

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Verbatim provisions from Fannie Mae Servicing Guide E-3.2-12 — Performing Property Preservation During Foreclosure Proceedings — 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 E-3.2-12 — Performing Property Preservation During Foreclosure Proceedings

Effective 2021-07-14 · publisher's stamp for this provision

E-3.2-12, Performing Property Preservation During Foreclosure Proceedings (07/14/2021) When a mortgage loan is delinquent including throughout the foreclosure process, the servicer must perform all property maintenance functions as necessary to ensure that the condition and appearance of the property are satisfactorily maintained. The servicer must manage and protect the property until it is conveyed to the insurer or guarantor, or until Fannie Mae assigns that responsibility elsewhere, including when a borrower selects an immediate move Mortgage Release and the REOgram is confirmed to Fannie Mae, or a borrower selects the three-month transition or twelve-month lease. The servicer must take whatever action is necessary to protect the value of the property in accordance with the Property Preservation Matrix and Reference Guide. This includes making sure that no apparent violations of applicable law are occurring on the property (such as violations of laws relating to illegal narcotics and similar substances) and that the property is protected against vandals and the elements. The servicer must refer to the Property Preservation Matrix and Reference Guide for all maintenance work when a mortgage loan is delinquent and the property is vacant or abandoned. When the cost to complete property preservation work will exceed the Fannie Mae allowable, the servicer must submit the request via HomeTracker. The servicer must follow the procedures in Requesting Fannie Mae Approval for Property Preservation and Maintenance in F-1-08, Managing Foreclosure Proceedings, for detailed instructions for submitting a request when it does not have access to HomeTracker.

Source: Fannie Mae Servicing Guide E-3.2-12 — Performing Property Preservation During Foreclosure Proceedings · source URL · snapshot cf63a82bbb4adfba

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Source of record: https://claudeforcompliance.com/regs/fnma-svc-e-3-2-12/ · register fnma-svc-e-3-2-12 · verbatim, source-snapshotted regulator text from the Claude for Compliance corpus. To work from every register at once, download the corpus and follow the methodology.