Fannie Mae Announces Requirements For Foreclosure Sale Eliminations And Rescissions

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On September 18, Fannie Mae issued Servicing Guide Announcement SVC-2013-19, which establishes requirements for eliminations and rescissions of foreclosure sales, effective immediately. The announcement states that when a servicer identifies an issue that requires an elimination and/or rescission, the servicer must submit a request for elimination and/or rescission within five days of that identification. When Fannie Mae identifies an issue that requires a property to be eliminated from its REO inventory or a foreclosure sale to be rescinded, Fannie Mae will initiate the elimination and/or rescission process through a report to the servicer, which will list Fannie Mae’s decision for each servicer-requested elimination or rescission, as well as those eliminations and/or rescissions that Fannie Mae has processed. The servicer must then (i) review the report for notification of servicer-requested elimination/rescission approvals and Fannie Mae-processed eliminations/rescissions, (ii) add each eliminated file back into its servicer system within 24 hours of notification of approval or notification that the file has been eliminated by Fannie Mae, and (iii) resume managing the eliminated/rescinded file pursuant to the Servicing Guide.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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