Fannie Mae Servicing Guide Announcement SVC-2013-19 - Eliminations and Foreclosure Rescissions

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Fannie Mae Servicing Guide Announcement SVC-2013-19 – Eliminations and Foreclosure Rescissions

Fannie Mae Servicing Guide Announcement SVC-2013-19 – Eliminations and Foreclosure Rescissions

Servicing Guide Announcement SVC-2013-19
September 18, 2013

Eliminations and Foreclosure Rescissions

Servicing Guide, Part VIII, Section 116: Notice of Property Acquisition

Effective immediately, Fannie Mae is establishing requirements for eliminations and rescissions of foreclosure sales, as defined below:

  •  Elimination: The process of removing a property from Fannie Mae’s real estate owned (REO) inventory system of record.
  •  Foreclosure Sale Rescission: The legal process of reversing a foreclosure sale and removing Fannie Mae as titleholder to the property.

There are circumstances in which a foreclosure sale rescission may not involve elimination. However, if an REOgram® has been submitted with an associated foreclosure sale, an elimination will also be necessary.

Examples of requests that would trigger one or the other action are shown below:

Examples of elimination only requests
Errors in REOgram submission
Third party sale – need to eliminate REOgram
REOgram sent in error (e.g., foreclosure sale did not occur)

Examples of elimination and rescission requests

Missing or defective assignment or endorsement
Foreclosure sale is legally invalid (other than a title or document issue)
Court ordered rescission (other than a title or document issue)
Bankruptcy filed before foreclosure sale
Fannie Mae-approved sale rescission

When the 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. To submit a request for elimination and/or rescission, the servicer must complete and submit the Elimination/Rescission Request Template. The template will be posted on Fannie Mae’s website in the near future. The template can also be obtained by emailing elimination_requests@fanniemae.com and should be submitted to that same email address when completed.

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