When MERS is the mortgagee of record, the servicer must prepare an assignment from MERS to the servicer and bring the foreclosure in its own name unless Fannie Mae specifically allows the foreclosure to be brought in the name of Fannie Mae. The servicer must not name MERS as a plaintiff or foreclosing party in any foreclosure action on a Fannie Mae mortgage loan. Once the assignment to Fannie Mae has been recorded, the foreclosure proceedings must be conducted in Fannie Mae’s name.Ĭonducting Foreclosure Proceedings When MERS Is the Mortgagee of Record Prepare a new assignment if doing so will expedite the process.
Request return of that document so it can be recorded, or When a document custodian has custody of an original unrecorded assignment of the mortgage to Fannie Mae, the servicer may either If the servicer believes that a foreclosure proceeding must be conducted in Fannie Mae’s name in any other jurisdiction to prevent the imposition of a transfer tax, the servicer must contact Fannie Mae’s Legal department (see F-4-02, List of Contacts) for permission to do so.
In any state or jurisdiction in which the foreclosure proceedings must be conducted in Fannie Mae’s name to prevent the imposition of a transfer tax (such as Rhode Island New Hampshire Maine or Orleans Parish, Louisiana), an assignment of the mortgage or deed of trust to Fannie Mae must be prepared and recorded in a timely manner to avoid any delays in the initiation of the foreclosure proceedings. The servicer and the law firm must determine the most appropriate method to use in each jurisdiction. For mortgage loans for which the servicer has the entire foreclosure loss risk, and those for which Fannie Mae and the servicer share the foreclosure loss risk, with the servicer having the responsibility of marketing the acquired property, the law firm must have title vested in the servicer’s name in accordance with the servicer’s requirements. For mortgage loans for which Fannie Mae has the entire foreclosure loss risk, and those for which Fannie Mae and the servicer share the foreclosure loss risk, with Fannie Mae having the responsibility of marketing the acquired property, the law firm must subsequently have title vested in Fannie Mae's name in a manner that will not result in the imposition of a transfer tax. In most states, the law firm must initiate the proceedings in the servicer's name when the servicer is the mortgagee of record or in the participating lender's name when the servicer is not the mortgagee of record for a participation pool mortgage loan. When the servicer is the mortgagee of record for a mortgage loan, the jurisdiction in which the security property is located will affect how the foreclosure proceedings are conducted or initiated. Conducting Foreclosure Proceedings When the Servicer Is the Mortgagee of Record
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