source:
  type: guide
  id: fnma-svc-a2-1-05
  authority: Fannie Mae Servicing Guide A2-1-05 — Note Holder Status for Legal Proceedings
    Conducted in the Servicer's Name
  description: Fannie Mae Servicing Guide A2-1-05 — Note Holder Status for Legal Proceedings
    Conducted in the Servicer's Name.
  coverage_tier: operative
obligations:
- id: fnma-svc-a2-1-05-full
  canonical_id: fnma-svc-a2-1-05-full
  section: Fannie Mae Servicing Guide A2-1-05 — Note Holder Status for Legal Proceedings
    Conducted in the Servicer's Name
  type: do
  tags:
  - regulator-direct
  - fnma
  - servicing-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Servicing Guide A2-1-05 — Note Holder Status for Legal Proceedings
      Conducted in the Servicer's Name
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/servicing-guide
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-05-22T23:53:19Z'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: 'A2-1-05, Note Holder Status for Legal Proceedings Conducted
      in the Servicer’s Name (06/21/2017) Introduction This topic contains the following:
      Overview Temporary Possession by the Servicer Physical Possession of the Note
      by the Servicer Reversion of Possession to Fannie Mae Published May 13, 2026
      74 Overview Fannie Mae is at all times the owner of the mortgage note, whether
      the mortgage loan is in Fannie Mae’s portfolio or part of the MBS pool. In addition,
      Fannie Mae at all times has possession of and is the holder of the mortgage
      note, whether Fannie Mae has direct possession of the note or a custodian has
      custody of the note, except in the limited circumstances expressly described
      in this topic. Temporary Possession by the Servicer In order to ensure that
      a servicer is able to perform the services and duties incident to the servicing
      of the mortgage loan, Fannie Mae temporarily gives the servicer possession of
      the mortgage note whenever the servicer, acting in its own name, represents
      the interests of Fannie Mae in foreclosure actions, bankruptcy cases, probate
      proceedings, or other legal proceedings. This temporary transfer of possession
      occurs automatically and immediately upon the commencement of the servicer’s
      representation, in its name, of Fannie Mae’s interests in the foreclosure, bankruptcy,
      probate, or other legal proceeding. When Fannie Mae transfers possession, if
      the note is held by a document custodian on Fannie Mae’s behalf, the custodian
      has possession of the note on behalf of the servicer so that the servicer has
      constructive possession of the note and the servicer shall be the holder of
      the note and is authorized and entitled to enforce the note in the name of the
      servicer for Fannie Mae’s beneﬁt. If the servicer determines based on state
      law that it needs to be the holder of an eNote prior to representing the interests
      of Fannie Mae in a foreclosure, bankruptcy, or other legal proceeding, the servicer
      must follow the procedures in Foreclosure, Bankruptcy and Other Legal Proceedings
      in F-1-26, Servicing eMortgages to request a transfer in control and location
      from Fannie Mae. Physical Possession of the Note by the Servicer In most cases,
      the servicer will have a copy of the mortgage note. If the servicer determines
      that it needs physical possession of the original mortgage note to represent
      the interests of Fannie Mae in a foreclosure, bankruptcy, probate, or other
      legal proceeding, the servicer may obtain physical possession of the original
      mortgage note by submitting a request directly to the document custodian. If
      Fannie Mae possesses the original note through a third-party document custodian
      that has custody of the note, the servicer must submit a Request for Release/Return
      of Documents (Form 2009) to Fannie Mae’s custodian to obtain the note and any
      other custodial documents that are needed. In either case, the servicer must
      specify whether the original note is required or whether the request is for
      a copy. For eMortgages, if the eNote is not acceptable in its electronic form
      for a foreclosure, bankruptcy, or other legal proceeding, the servicer is authorized
      to use a printed Authoritative Copy of the eNote for the legal proceeding or
      action. Published May 13, 2026 75 Reversion of Possession to Fannie Mae At the
      conclusion of the servicer’s representation of Fannie Mae’s interests in the
      foreclosure, bankruptcy, probate, or other legal proceeding, or upon the servicer
      ceasing to service the loan for any reason, possession automatically reverts
      to Fannie Mae, and Fannie Mae resumes being the holder for itself, just as it
      was before the foreclosure, bankruptcy, probate, or other legal proceeding.
      If the servicer has obtained physical possession of the original note, it must
      be returned to Fannie Mae or the document custodian, as applicable. Recent Related
      Announcements There are no recently issued Announcements related to this topic.'
  judgment: false
