Fannie Mae Servicer Toolkit
Many mortgage servicers are looking for help with homeowners’ questions, the volume of forbearance inquiries, and changing guidelines. We are committed to ensuring our servicers have what they need to support borrowers trying to stay in their homes or purchase new homes. This servicer toolkit is a collection of key resources that will help you as you continue to serve your homeowners. For more help and resoures, visit our Here to Help page or get 24/7 support with Ask Poli.
New to loss mitigation
Available workout options
Payment deferral
Investor reporting
Increased volume of work
“I’m new to loss mitigation. I need to quickly learn how to report a mortgage forbearance plan to Fannie Mae to keep up with the volume of requests from borrowers impacted by COVID-19.”
“I’m not familiar with many of the mortgage servicing terms. I need to be able to evaluate options available to borrowers to determine eligibility and quickly answer borrowers’ questions about their workout options after forbearance.”
“I need to quickly evaluate and report a payment deferral option, and I’m not sure how.”
“I need to ensure I’m complying with investor reporting requirements (especially for payment deferrals), so we can submit timely and accurate reports.”
“I need to manage the additional work volume as well as evaluate our compliance with Fannie Mae servicing guidelines and our contract while maintaining business continuity.”
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© 2021 Fannie Mae
For more resources, visit our Here to Help page or tap below to go to Ask Poli.
© 2021 Fannie Mae
New to loss mitigation
The impact of the COVID-19 pandemic has required servicers to make staffing adjustments in order to address the influx of borrower requests while managing a remote work environment. The following resources will help support your discussions with borrowers about loss mitigation options. In order to report a mortgage forbearance plan, you need access to the Asset Management Network.
Guidance and eligibility requirements for COVID-19
View Lender Letter LL-2021-02 Impact of COVID-19 on Servicing to assist borrowers impacted by COVID-19.
10 minutes | PDF
VIEW LENDER LETTER
How to initiate a forbearance request using Asset Management Network
Use this step-by-step resource to help you manually report forbearances to Fannie Mae.
2 minutes | PDF
VIEW JOB AID
© 2021 Fannie Mae
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Following mortgage forbearance, borrowers must repay their missed payments. However, it is not a requirement that they repay the missed payments all at once.
Note on mortgage forbearance
"I'm new to loss mitigation. I need to quickly learn how to report a mortgage forbearance plan to Fannie Mae to keep up with the volume of requests from borrowers impacted by COVID-19."
VIEW MODULES
2 minutes | PDF
In these modules, learn how to assess the borrower's financial hardship and understand the eligibility requirements and servicer responsibilities for forbearance.
Homeowner Retention Options modules: Understanding Hardship, Forbearance
VIEW FACT SHEET
3 minutes | Webpage
Use this fact sheet to assist with setting borrower expectations about forbearance plans.
Forbearance explained: a COVID-19 response resource for servicers
VIEW MODULES
2 min | PDF
In these modules, learn how to assess the borrower's financial hardship and understand the eligibility requirements and servicer responsibilities for forbearance.
Homeowner Retention Options modules: Understanding Hardship, Forbearance
VIEW FACT SHEET
10 min | PDF
Use this fact sheet to assist with setting borrower expectations about forbearance plans.
Forbearance explained: a COVID-19 response resource for servicers
© 2021 Fannie Mae
Get familiar with mortgage servicing terms and how to determine eligibility and answer questions about workout options. Use the following resources to support your discussions with borrowers about their options after a resolved COVID-19 financial hardship.
Available workout options
Options after a forbearance plan or resolved COVID-19 hardship
Educate your customers about their mortgage repayment options, including payment deferral.
2 minutes | Webpage
VIEW FACT SHEET
Workout hierarchy of options after forbearance
Use this at-a-glance matrix to review homeowner options and eligibility requirements.
2 minutes | PDF
VIEW MATRIX
Script for borrowers with a resolved COVID-19 hardship
Use this script with borrowers who have a resolved financial hardship caused by COVID-19.
5 minutes | Webpage
VIEW SCRIPT
If you need to submit a new payment deferral case in SMDU, refer to the SMDU UI Payment Deferral Options User Guide. If you need to check the status of an existing case or have questions about clearing error messages, refer to the SMDU UI User Guide (must be signed into SMDU).
Questions about using Servicing Management Default Underwriter™ (SMDU™)?
Fannie Mae credentials required
“I’m not familiar with many of the mortgage servicing terms. I need to be able to evaluate options available to borrowers to determine eligibility and quickly answer borrowers’ questions about their workout options after forbearance.”
VIEW SCRIPT
2 min | PDF
Use this script with borrowers who have a resolved financial hardship caused by COVID-19.
Script for borrowers with a resolved COVID-19 hardship
VIEW MATRIX
5 min | Webpage
Use this at-a-glance matrix to review homeowner options and eligibility requirements.
Workout hierarchy of options after forbearance
VIEW FACT SHEET
2 min | PDF
Educate your customers about their mortgage repayment options, including payment deferral.
Options after a forbearance plan or resolved COVID-19 hardship
If you need to submit a new payment deferral case in SMDU, refer to the SMDU UI Payment Deferral Options User Guide. If you need to check the status of an existing case or have questions about clearing error messages, refer to the SMDU UI User Guide (must be signed into SMDU).
Questions about using Servicing Management Default Underwriter™ (SMDU™)?
Fannie Mae credentials required
© 2021 Fannie Mae
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© 2021 Fannie Mae
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VIEW MODULES
7 minutes | Online learning
Learn what to do after a borrower's delinquency resulting from temporary hardship, and how to educate borrowers about Fannie Mae Flex Modification, in these two modules.
Homeowner Retention Options modules: Repayment Plan, Flex Modification
VIEW PAGE
5 minutes | Webpage
Learn about this loan modification that offers eligible homeowners mortgage relief payment by extending the terms of the loan.
Fannie Mae Flex Modification
GET ANSWERS
See the payment deferral page in this toolkit for details about payment deferral options.
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VIEW MODULES
2 min | Webpage
Learn what to do after a borrower's deliquency resulting from temporary hardship, and how to educate borrowers about Fannie Mae Flex Modification, in these two modules. (See the payment deferral page in this tookit for details about payment deferral options.)
Homeowner Retention Options modules: Repayment Plan, Flex Modification
VIEW FACT SHEET
64 pages | PDF
Use this fact sheet to support your conversations with borrowers about loan modification after a forbearance plan or resolved financial hardship.
Loan modification fact sheet
Payment deferral
Learn how to evaluate and submit a payment deferral option for borrowers impacted by COVID-19 or a disaster event. The following resources are available to support your discussions with borrowers about payment deferral options. In order to evaluate a borrower for a payment deferral option, you need access to Servicing Management Default Underwriter™ (SMDU™)
Guidance and eligibility requirements for servicers
View Lender Letter LL-2021-07 COVID-19 Payment Deferral to help borrowers after resolved hardship.
10 minutes | PDF
VIEW LENDER LETTER
Script for borrowers with a resolved COVID-19 hardship
Use this script with borrowers who have a resolved financial hardship caused by COVID-19.
5 minutes | PDF
VIEW SCRIPT
SMDU UI Payment Deferral Options User Guide
Use SMDU UI to perform a variety of actions, including evaluating a borrower for a COVID-19 payment deferral.
3 minutes | PDF
DOWNLOAD GUIDE
Overview of the COVID-19 payment deferral program
Learn about the payment deferral option for borrowers who can bring their mortgage loan current after a COVID-19 related hardship.
2 minutes | Webpage
VIEW FACT SHEET
Payment deferrals matrix job aid for servicers
Use this job aid as a side-by-side comparison of payment deferral products.
15 minutes | PDF
VIEW MATRIX
Homeowner Retention Options: three modules on payment deferral
Watch these modules to learn about COVID-19 payment deferral, disaster payment deferral, and payment deferral for borrowers who have resolved a temporary hardship.
17 minutes | Online learning
VIEW MODULES
Fannie Mae credentials required
Fannie Mae credentials required
“I’m not familiar with many of the mortgage servicing terms. I need to be able to evaluate options available to borrowers to determine eligibility and quickly answer borrowers’ questions about their workout options after forbearance.”
DOWNLOAD GUIDE
2 min | Webpage
Use SMDU UI to perform a variety of actions, including evaluating a borrower for a COVID-19 payment deferral.
SMDU UI Payment Deferral Options User Guide
VIEW SCRIPT
2 min | PDF
Use this script with borrowers who have a resolved financial hardship caused by COVID-19.
Script for borrowers with a resolved COVID-19 hardship
VIEW LENDER LETTER
5 min | Webpage
View Lender Letter LL-2021-07 COVID-19 Payment Deferral to help borrowers after resolved hardship.
Guidance and eligibility requirements for servicers
VIEW TRAINING
2 min | Webpage
Watch these modules to learn about COVID-19 payment deferral, disaster payment deferral, and payment deferral for borrowers who have resolved a temporary hardship.
Homeowner Retention Options: three modules on payment deferral
VIEW MATRIX
2 min | PDF
Use this job aid as a side-by-side comparison of payment deferral products.
Payment deferrals matrix job aid for servicers
VIEW FACT SHEET
5 min | Webpage
Learn about the payment deferral option for borrowers who can bring their mortgage loan current after a COVID-19 related hardship.
Overview of the COVID-19 payment deferral program
© 2021 Fannie Mae
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© 2021 Fannie Mae
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Investor reporting
Review investor reporting requirements, especially for payment deferrals, to comply with timely submissions. As you’re entering a case in SMDU™, check with your investor reporting team to ensure consistent data across submissions and reporting. Inconsistent data may result in hard rejects.
Investor reporting and remitting webinar
Listen to key concepts and operational processes for payment deferrals.
1 hour | Webinar
VIEW WEBINAR RECORDING
Investor reporting and remitting calendar
Use this resource to identify reporting requirements and key dates.
3 minutes | PDF
VIEW CALENDAR
Introduction to investor accounting
Learn how to remit, report, and reconcile for Actual/Actual loans.
8 minutes | Online learning
VIEW TRAINING
Investor reporting manual
Use this manual to help you comply with reporting loan-level detail.
64 pages | PDF
VIEW MANUAL
Avoiding hard rejects
Did a team member submit a Loan Activity Report (LAR) in the last 72 hours for the loan in question? If YES, was the Last Paid Installment data or the Unpaid Principal Balance (UPB) changed? If YES, please ensure those investor reporting changes reflect your case submission in SMDU/HomeSaver™ Solutions Network. Ensuring your loss mitigation and investor reporting teams work in concert will help you avoid downstream issues that may require case corrections or resubmissions.
VIEW WEBINAR RECORDING
5 min | Webpage
Listen to key concepts and operational processes for payment deferrals.
“I need to ensure I’m complying with investor reporting requirements (especially for payment deferrals), so we can submit timely and accurate reports.”
Did a team member submit a Loan Activity Report (LAR) in the last 72 hours for the loan in question? If YES, was the Last Paid Installment data or the Unpaid Principal Balance (UPB) changed? If YES, please ensure those investor reporting changes reflect your case submission in SMDU/HomeSaver™ Solutions Network. Ensuring your loss mitigation and investor reporting teams work in concert will help you avoid downstream issues that may require case corrections or resubmissions.
Avoiding hard rejects
Investor reporting and remitting webinar
VIEW CALENDAR
1 hr | Webinar
Use this resource to identify reporting requirements and key dates.
Investor reporting and remitting calendar
VIEW TRAINING
1 hr | Webinar
Learn how to remit, report, and reconcile for Actual/Actual loans.
Introduction to investor accounting
VIEW MANUAL
1 hr | Webinar
Use this manual to help you comply with reporting loan-level detail.
Investor reporting manual
© 2021 Fannie Mae
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© 2021 Fannie Mae
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Increased volume of work
The housing market is relying on mortgage servicers more than ever as the number of borrowers facing financial hardships due to COVID-19 increases. The following resources are available to provide insight into both Fannie Mae requirements and recommended practices for managing a servicing book of business while successfully navigating market disruptions, such as COVID-19.
Servicers and Business Continuity
Ensure that you have implemented and maintained adequate business continuity and disaster recovery procedures.
1 minute | PDF
VIEW DOCUMENT
Self-Assessment: Mortgage Servicer COVID-19 Response
Assess company readiness, servicing operations, and reporting practices during this time.
5 minutes | PDF
VIEW RESOURCE
Guidance and eligibility requirements for servicers
View Lender Letter LL-2021-02 Impact of COVID-19 on Servicing.
10 minutes | PDF
VIEW LENDER LETTER
1 minute | Newsletter sign-up
REGISTER NOW
Stay apprised of news and updates to Fannie Mae’s Selling and Servicing Guides.
Register for weekly Selling + Servicing News email updates
VIEW RESOURCE
2 min | PDF
Assess company readiness, servicing operations, and reporting practices during this time.
Self-Assessment: Mortgage Servicer COVID-19 Response
VIEW LENDER LETTER
10 min | PDF
View Lender Letter LL-2021-02 Impact of COVID-19 on Servicing.
Guidance and eligibility requirements for servicers
“I need to manage the additional work volume as well as evaluate our compliance with Fannie Mae servicing guidelines and our contract while maintaining business continuity.”
REGISTER NOW
2 min | PDF
Stay apprised of news and updates to Fannie Mae’s Selling and Servicing Guides.
Register for weekly Selling + Servicing News email updates
VIEW DOCUMENT
10 min | PDF
Ensure that you have implemented and maintained adequate business continuity and disaster recovery procedures.
Servicers and Business Continuity
© 2021 Fannie Mae
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© 2021 Fannie Mae
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