Fannie Mae Servicing Guide E-3.5-02 — Handling Third-Party Sales
Fannie Mae Servicing Guide E-3.5-02 — Handling Third-Party Sales.
Verbatim regulatory text
Verbatim provisions from Fannie Mae Servicing Guide E-3.5-02 — Handling Third-Party Sales — 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-3.5-02 — Handling Third-Party Sales
E-3.5-02, Handling Third-Party Sales (07/12/2017) The following table provides the servicer with requirements for properly handling a third-party sale. ✓ The servicer must... Collect the gross sale proceeds and remit the amount Fannie Mae is due within five business days after it receives the final payment from the third-party bidder. The servicer must follow the procedures in Reporting Third-Party Sales to Fannie Mae in F-1-08, Managing Foreclosure Proceedings, as well as Remitting Third-Party Sales Proceeds to Fannie Mae in F-1-20, Remitting and Accounting to Fannie Mae, for additional instructions. Remit the third-party bidder's initial deposit to Fannie Mae within five business days after discovery that a sale will not be finalized. ✓ The servicer must... Within 14 days of the later of the date the foreclosure sale is completed (including receipt of funds), or when applicable, the date the court confirms or ratifies the sale: • ask the property insurance carrier to cancel the policy and, unless prohibited by the policy or applicable law, send the servicer any unearned premium refund; or • request cancellation of Fannie Mae’s mortgagee interest in the policy and removal of its name from the policy if the insurance carrier is not willing to cancel the policy because Fannie Mae is not the named insured. Continue performing necessary activities including property inspections to protect Fannie Mae’s interest in the property until the later of the date the foreclosure sale is completed (including receipt of funds), or when applicable, the date the court confirms or ratifies the sale. Note: The servicer must adhere to D2-2-10, Requirements for Performing Property Inspections and the Property Preservation Matrix and Reference Guide until one of these occur. Any excess sales proceeds must be distributed in accordance with applicable law. Note: Fannie Mae will reimburse the servicer for expenses incurred after the third-party sale in compliance with Servicing Guide requirements. The servicer must follow the procedures in F-1-05, Expense Reimbursement and Requesting Fannie Mae Approval for Property Preservation and Maintenance in F-1-08, Managing Foreclosure Proceedings.
Get this regulation in your AI window
Announcements change Guide topics, but the old wording keeps circulating. An assistant will hand you the prior version and name no date at all.Put the verbatim text and its effective date in front of your assistant, instead of whatever it remembers.
Open in Claude Open in ChatGPT
Open in Claude shows the one-time setup: paste one address, no account with us. Open in ChatGPT asks ChatGPT about this page, with no setup. Either way it’s free.
Next step: the FNMA AI Lender Letter playbook. Run it in your AI window →
Get notified if this rule changes
One email when Fannie Mae Servicing Guide E-3.5-02 — Handling Third-Party Sales changes: what changed, the new verbatim text, and the effective date. Nothing else.
Double opt-in: we send a confirmation link first. Following one section does not subscribe you to anything else. Privacy.
Source of record: https://claudeforcompliance.com/regs/fnma-svc-e-3-5-02/
· register fnma-svc-e-3-5-02 · 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.