Section 401

Servicing Requirements

401.01

General

This Chapter covers asset management of performing Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. .  This Chapter does not apply to Non-Performing Mortgage LoansNon-Performing Mortgage LoansMortgage Loan with an uncured default. , unless otherwise stated.  For asset management of Non-Performing Mortgage LoansNon-Performing Mortgage LoansMortgage Loan with an uncured default. , the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must comply with: 

  • Part VI, Chapter 1: Watchlist Management; and 
  • either:
    • Part VI, Chapter 3: Non-Performing Primary Risk Mortgage Loans; or
    • Part VI, Chapter 5: Non-Performing Secondary Risk Mortgage Loans.

This Chapter covers the Servicer’sServicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. :

  • administration of Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , including Collateral AgreementsCollateral AgreementsAgreement granting a security interest in Mortgage Loan collateral not covered by the Security Instrument. ;
  • review of a delegated and non-delegated BorrowerBorrowerPerson who is the obligor per the Note. request;
  • approval of a delegated BorrowerBorrowerPerson who is the obligor per the Note. request;
  • management of insurance matters;
  • review of Transfer/AssumptionTransfer/AssumptionTransaction changing the ownership of the Borrower or Property. requests; and
  • administration of specialty product types.

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit all BorrowerBorrowerPerson who is the obligor per the Note. requests, along with any additional information and required documents, through the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. .  If submitting through the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. is not feasible, overnight mail must be used and sent to:

Fannie Mae

Attention: (Drawer AM, Structured AM, Seniors AM,

or Assumption/Transfer)

Mailstop 8V-21

1100 15th Street, NW

Washington, DC  20005.

 

Fannie Mae email addresses and contact information for notices required in this Chapter are located in the Glossary.

401.02

Monitoring Compliance with Loan Documents

For each Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. , the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must monitor the Borrower’sBorrower’sPerson who is the obligor per the Note. compliance with the terms and conditions of the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , and facilitate compliance or take appropriate actions to address any instance of noncompliance.  All Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. and all other documents required to be retained by the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must be maintained in accordance with the Program Rules.

In the event of any conflict between or among the requirements of the GuideGuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. , the Disclosure DocumentsDisclosure DocumentsDocuments for an Investor for a particular Securitized Mortgage Loan, which may include the MBS Trust Agreement, Prospectus, and any related documents. , the Lender ContractLender ContractProgram Documents per the Multifamily Selling and Servicing Agreement. , and the Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , the governing priority shall be, in order:

  • Loan DocumentsLoan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. ;
  • Disclosure DocumentsDisclosure DocumentsDocuments for an Investor for a particular Securitized Mortgage Loan, which may include the MBS Trust Agreement, Prospectus, and any related documents. ;
  • Lender ContractLender ContractProgram Documents per the Multifamily Selling and Servicing Agreement. ; and
  • GuideGuideMultifamily Selling and Servicing Guide controlling all Lender and Servicer requirements unless a Lender Contract specifies otherwise. .