Selling Guide

Published December 16, 2020

For best results, pose your search like a question.

Guide Resources

For a comprehensive list of resources such as forms, announcements, lender letters, notices and more.

Visit Selling and Servicing Guide Communications and Forms

Customers Recommend Ask Poli

AskPoli

If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

Launch Ask Poli  

Download PDF Guide

You can also download the printable 1,200+ page PDF, which include links.

Download Now

What is required to document previous mortgage history?

Documenting Previous Mortgage History

The lender must review the borrower's credit report to determine the status of all mortgage accounts. If a borrower had previous mortgages, the lender does not have to independently verify the mortgage’s payment history provided the credit report includes a reference to the mortgage (or mortgages) and reflects 12 months of the most recent payment activity. 

If adequate mortgage payment history is not included in the borrower’s credit report, the lender must use the following to verify the borrower’s payment history on a previous mortgage(s): 

  • a standard mortgage verification;
  • loan payment history from the servicer;
  • the borrower’s canceled checks for the last 12 months; or 
  • the borrower’s year-end mortgage account statement, provided the statement includes a payment receipt history, and, if applicable, canceled checks for the months elapsed since the year-end mortgage account statement was issued. 

Standard Mortgage Verifications from Servicers

When a lender relies on standard mortgage verifications from servicers or holders, it must ensure that the verifications include:

  • the unpaid principal balance of the mortgage and monthly payment amount;
  • the present status of the mortgage, such as current, 30 days’ delinquent, etc.; and
  • the borrower’s payment history.

When a servicer fails to provide all of the requested information, the lender must rely on information provided through the borrower’s canceled checks. The checks must:

  • be legible,
  • identify the mortgage servicer or mortgage holder as the payee,
  • indicate that the servicer or holder endorsed the check for deposit, and
  • indicate the date the servicer or holder deposited the check.

For additional information, see B3-5.3-03, Previous Mortgage Payment History.

Have You Tried Ask Poli?

Poli knows. Just ask.

Ask Poli features exclusive Q&As and
more—plus official Selling & Servicing
Guide
content.

Try Ask Poli

Related Articles


AskPoli

Customers Recommend Ask Poli

If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

Guide Resources

For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more.

Visit Selling and Servicing Guide Communications and Forms

X
Having Issues with Seeing this Page Correctly?

Use Firefox or Chrome   How to do a hard refresh in Internet Explorer
We recommend that you use the latest version of FireFox or Chrome.

Download Firefox
Download Chrome
  A hard refresh will clear the browsers cache for a specific page and force the most recent version of a page.
    Hold the Ctrl key and press the F5 key.
     

Email Us
If you still have Technical Support questions, feel free to emailAsk_Poli@fanniemae.com.