© 2018 Fannie Mae Single Family Servicing Guide
The following table provides the requirements for the servicer of a seriously delinquent second lien mortgage loan when evaluating a borrower for a Mortgage Release.
| ✓ | The servicer must... |
|---|---|
Coordinate with the first lien mortgage loan servicer regarding any proposed action related to the acceptance of a Mortgage Release to determine the following:
| |
Order an Owner and Encumbrance Report to ensure that there are no other outstanding liens. |
The servicer must obtain Fannie Mae’s prior approval to accept a Mortgage Release. The servicer must follow the procedures in Requesting Approval for a Mortgage Release for a Second Lien Mortgage Loan in F in F-1-33, Requesting Fannie Mae’s Approval via Fannie Mae's Servicing Solutions System for System for requesting Fannie Mae’s approval of a Mortgage Release.Additional Information: https://www.fanniemae.com/content/guide/servicing/d2/3.4/02.html