Mortgage Loan Assignment Process: Conventional, HUDVA InsurersGuarantors

Introduction

This section discusses two key processes:

1. Assignment of a Conventional Mortgage Loan to the Mortgage Insurer

2. Assignment of HUD or VA Mortgage Loans to Insurers or Guarantors

Should the mortgage insurer exercise its right under the master policy to acquire delinquent conventional first lien loans, the servicer is required to assign the loan to the insurer and initiate actions for insurance clms compensation.

In cases where the mortgage insurer instructs the servicer to assign a second lien insured delinquent conventional mortgage loan instead of proceeding with foreclosure, the servicer must prepare relevant legal documentation, file a clm under the insurance contract, and with applicable regulations.

It is incumbent upon the servicer to notify Fannie Mae through the Investor Reporting Manual following these actions.

Similarly, should the insurer or guarantor exercise its prerogative under the policy to acquire delinquent government mortgage loans, or if an assignment serves as the sole means of liquidating a loan, the servicer must:

a. Assign the mortgage loan to the insurer or guarantor adhering to all relevant regulations and procedures,

b. File a clm with the insurer or guarantor,

c. Report the assignment action promptly in accordance with Fannie Mae's guidelines.

Flure on the part of the servicer to comply with VA instructions regarding assigning VA-guaranteed mortgage loans for refunding could result in financial liability for Fannie Mae.

Recent Policy Updates

No recent policy announcements are linked directly to this section at present.

Questions and Answers

For clarification on policies or any concerns related to this topic, Fannie Mae encourages you to seek direct assistance through its support channels.

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Fannie Mae 2024
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