This post is one of the many “Useful Links” you will find on this website’s “Useful Links” page. Links on the “Useful Links” page are in a sortable table by category and subject matter. That page has links to articles or sites that are useful on various subjects. If you have a suggesting for another “useful link” to add to our list, please contact us and let us know.
Subject: Fannie Mae – Loan Workout Hierarchy
Useful Link: Fannie Mae – Loan Workout Hierarchy PDF, https://www.fanniemae.com/content/job_aid/loanworkoutfactsheet.pdf
Fannie Mae Workout Hierarchy
Borrowers in need of assistance should be evaluated for all available workout options based on their hardship type, duration of delinquency, and intention to stay in the property. Generally, a servicer must first consider a reinstatement when the delinquency resulted from a temporary hardship that has been resolved and servicer has determined that the borrower has the ability to bring the loan current.
These charts provide a summary of the most frequently used Fannie Mae workout options available to assist borrowers experiencing a hardship for first-lien mortgage loans. Servicers must refer to the Fannie Mae Servicing Guide for specific requirements related to eligibility…..