Announcement 07-03R2, Reissuance of the Instructions for the Fannie Mae Single-Family MBS Master Trust Agreement, currently limits forbearance for mortgage loans in MBS pools to no more than four consecutive months.

Effective March 28,2008, all mortgage loans in MBS pools may be granted forbearance for no more than six consecutive months, but in no event will forbearance be granted past the last scheduled payment date of the mortgage loan.

Beginning on April 11, 2008, and continuing monthly on the 11th calendar day, the Home Saver Solutions Network (HSSN) Reclass Deselection link will include MBS mortgage loans that have been reported to Fannie Mae with a delinquency status code of 09 – forbearance – for six consecutive months and that Fannie Mae intends to reclassify.

Servicers are reminded to deselect those mortgage loans through HSSN that are current or that will be reported with a delinquency status code indicating that the loan is no longer in forbearance based on the real-time information that the servicer has for the mortgage loan. The servicer must make the deselection in HSSN by the 15th calendar day of the month in order to prevent an unnecessary reclassification. Fannie Mae reclassification occurs on or about the 25th calendar day of each month, or in accordance with the monthly reclass schedule published on efanniemae.com (Single Family, Reference Materials, DLRS Timeline). 

To view the Announcement in its entirety, please click here.

Any general questions should be directed to the respective Servicing Consultant or Customer Account Manager, or the National Servicing Organization's Customer Care Center at 1-888-326-6438