The servicer must include in to the (kind 3179) the applicable conditions according to the requirements in Summary: alteration arrangement (kind 3179).
Executing and Recording the Loan Customization Contract
The servicer is in charge of ensuring that the real estate loan as customized complies with appropriate statutes, preserves Federal National Mortgage Association’s very first lien place, and is enforceable from the borrower(s) relative to its terms. The servicer must execute the home loan modification according to Offering an endeavor Period Plan and finishing a Fannie Mae Flex alteration in D2-3.2-07, Federal National Mortgage Association Flex Customization.
To make sure the changed home mortgage keeps their earliest lien place and is totally enforceable, the servicer has to take the actions defined inside the following table.
Notice: The servicer may experience conditions where a co-borrower trademark is not accessible your Loan Modification arrangement, for grounds eg psychological incapacity or military implementation. Whenever a co-borrower’s signature is not obtainable plus the servicer chooses to manage making use of home loan customization, the servicer must accordingly document the cornerstone your difference when you look at the maintenance reports.
recordation is important to ensure the changed home loan retains the first lien position and it is enforceable according to its terms and conditions in the course of the customization, throughout its modified term, and during any bankruptcy or property foreclosure proceeding concerning the modified home loan; or
the Loan adjustment arrangement include task of leases and rents provisions.
If the mortgage loan is for a manufactured home, while the lien was developed, evidenced, or mastered by security records which aren’t recorded within the secure records, the servicer should also take these types of actions as may be necessary, including any modification, tracking, and/or filing which may be requisite, to make sure that the guarantee documentation mirror the home mortgage adjustment, being preserve Fannie Mae’s lien reputation for the whole balance due. See Offering Manual A2-4.1-01, Setting up financing data for additional info concerning collateral papers required to getting retained for manufactured homes.
The servicer must carry out and record the Loan Modification arrangement in relation to the entity this is the mortgagee of record in accordance with A2-1-03, delivery of law papers. Additionally, the servicer must submit the Loan customization contract towards document custodian if the mortgagee of record is
Federal national mortgage association, and Fannie Mae gave the servicer an LPOA that enables it to execute this data on Federal national mortgage association’s behalf.
After servicer is required to deliver the mortgage customization contract to the document custodian, the servicer must follow the requisite outlined during the soon after table.
send a certified copy on the completely executed loan mod arrangement into the data custodian within 25 times of receipt from the debtor, and
send the original Loan Modification arrangement that is came back from the recorder’s office to the document custodian within 5 working days of acknowledgment.
Changing the Home Loan Accounts Post-Mortgage Mortgage Loan Modification
The servicer must submit the mortgage loan customization relative to offer a Trial Period Arrange and finishing a Fannie Mae Flex alteration in D2-3.2-07, Federal National Mortgage Association Flex Customization.
After home financing loan modification was performed, the servicer must set the mortgage loan as expressed in soon after table.
Notice: The servicer may request compensation from Fannie Mae whenever any of the costs are capitalized (see F-1-05, cost compensation).
the borrower transferred aided 
by the servicer as a disorder associated with the home mortgage modification,
have already been deposited on the part of the debtor regarding the the mortgage alteration, or
the home loan insurer provided relating to the mortgage adjustment.
Notice: amount due for payment of main, interest, or improvements needs to be remitted promptly to Fannie Mae. The rest of the funds enables you to clear any progress from the servicer or even to loan the debtor’s escrow deposit membership.
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