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"III, Introduction (01/31/03)
[Page : 301 01/31/03]
This Part -- General Servicing Functions -- discusses the general
administrative functions involved in servicing first and second
mortgages that occur on an ongoing basis, as well as a few functions
that are unique to a particular type of mortgage or to a special,
nonrecurring circumstance. These functions may begin when mortgage
payment records are established for a new mortgage and often continue
until a mortgage is paid off, repurchased, or otherwise removed from our
The procedures in this Part describe our requirements for servicing
whole mortgages, participation pool mortgages, and MBS pool mortgages.
However, they do not address special servicing requirements that may
have been imposed under the terms of a negotiated purchase transaction.
A servicer is totally responsible for taking all steps necessary to
assure that the terms of a negotiated contract are followed.
The requirements or procedures in this Part generally apply to all
mortgages that are serviced for us. Insofar as possible, we set out
instances when our servicing requirements vary for a particular lien
type, mortgage type, amortization method, remittance type, servicing
option, or ownership interest. Unless stated otherwise, the servicer may
assume that the same procedure or requirement applies for any mortgage.
This Part III consists of 13 chapters:
Chapter 1 <../xref.asp?did=fnma..servicing..iii-ch-1> -- Mortgage
Payments -- discusses the methods for applying and accounting for both
scheduled and unscheduled mortgage payments, the administration of
escrow deposit accounts, and our requirements for providing annual
mortgage account statements.
Chapter 2 <../xref.asp?did=fnma..servicing..iii-ch-2> -- Taxes and
Assessments -- discusses our requirements for maintaining accurate
records on the status of any taxes, ground rents, or special assessments
for a property -- and the servicer's responsibility for advancing funds
to protect our interests.
Chapter 3 <../xref.asp?did=fnma..servicing..iii-ch-3> -- Property
Inspections -- discusses the different circumstances under which a
servicer is expected to inspect the properties that secure Fannie
Mae-owned or -securitized mortgages.
Chapter 4 <../xref.asp?did=fnma..servicing..iii-ch-4> -- Transfers of
Ownership -- discusses the procedures for handling transfers of
ownership for FHA, VA, conventional, and RHS mortgages and the
conditions under which due-on-sale or due-on transfer provisions should
Chapter 5 <../xref.asp?did=fnma..servicing..iii-ch-5> -- Notices of
Liens or Legal Actions -- Notices of Liens or Legal Actions -- discusses
the servicer's responsibility for keeping new liens that would be
superior to our lien [Page : 302 01/31/03] from being attached to the
property and for notifying us when such liens are attached or when any
other legal action that affects the property or the borrower occurs."