Selling Guide

Published September 2, 2020

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B5-5.2-05, Loans with Resale Restrictions: Delivery Considerations (04/01/2009)

Introduction

This topic contains information on loans with resale restrictions: delivery considerations.

 

Notification to Third Parties

Fannie Mae will purchase mortgages when the resale restrictions require the servicer to notify a third party when the borrower is in default or the property is in foreclosure.

The servicer must ensure that proper notification is provided, as required in the provisions of the resale restrictions.

If notification requirements exist, the servicer is still responsible for adhering to Fannie Mae’s established time frames within which routine foreclosures must be completed.

Third-party notifications required in addition to the required statutory notifications will not be considered an impairment to the servicer’s ability to foreclose.

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