source:
  type: guide
  id: fnma-svc-f-1-14
  authority: Fannie Mae Servicing Guide F-1-14 — Processing a Fannie Mae Short Sale
  description: Fannie Mae Servicing Guide F-1-14 — Processing a Fannie Mae Short Sale.
  coverage_tier: operative
obligations:
- id: fnma-svc-f-1-14-full
  canonical_id: fnma-svc-f-1-14-full
  section: Fannie Mae Servicing Guide F-1-14 — Processing a Fannie Mae Short Sale
  type: do
  tags:
  - regulator-direct
  - fnma
  - servicing-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Servicing Guide F-1-14 — Processing a Fannie Mae Short Sale
    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: 'F-1-14, Processing a Fannie Mae Short Sale (05/10/2023) Introduction
      This Servicing Guide Procedure contains the following: Calculating the Borrower’s
      Housing Expense-to-Income Ratio Obtaining a Property Valuation Calculating the
      Borrower’s Housing Expense-to-Income Ratio The servicer must determine the borrower’s
      housing expense-to-income ratio as outlined in Evaluating a Borrower’s Ability
      to Make a Cash Contribution in D2-3.3-01, Fannie Mae Short Sale. The borrower’s
      monthly gross income is deﬁned as the borrower’s monthly income amount before
      any payroll deductions and includes the following items, as applicable: wages
      and salaries; overtime pay; commissions; fees; tips; bonuses; housing allowances;
      Published May 13, 2026 615 other compensation for personal services; Social
      Security payments (including Social Security received by adults on behalf of
      minors or by minors intended for their own support); and monthly income from
      annuities, insurance policies, retirement funds, pensions, disability or death
      beneﬁts, rental income, and other income such as adoption assistance. Note:
      The servicer must not consider unemployment insurance beneﬁts or any other temporary
      sources of income related to employment (such as severance payments), as part
      of the monthly gross income for mortgage loans. The servicer must then divide
      the borrower’s monthly housing expense on the property securing the mortgage
      loan, which includes the following items (as applicable), by the borrower’s
      monthly gross income: P&I; property and ﬂood insurance premiums; real estate
      taxes; ground rent; fees paid in accordance with a resale restriction agreement
      or a shared equity transaction agreement, as applicable; special assessments;
      HOA dues (including utility charges that are attributable to the common areas,
      but excluding any utility charges that apply to the individual unit); co-op
      corporation fee (less the pro rata share of the master utility charges for servicing
      individual units that is attributable to the borrower’s unit); and any escrow
      shortage currently included as part of the full monthly contractual payment.
      Note: The servicer must exclude monthly mortgage insurance premiums from the
      monthly housing expense-to-income calculation. Obtaining a Property Valuation
      The servicer must obtain a property valuation in accordance with Obtaining a
      Property Valuation in D2-3.3-01, Fannie Mae Short Sale. The property valuation
      must be dated or have been refreshed by Fannie Mae within 90 calendar days of
      the short sale approval. The following table provides additional requirements
      for all property valuations for a short sale. ✓ The servicer must… Request the
      property valuation order through Fannie Mae''s servicing solutions system. Published
      May 13, 2026 616 ✓ The servicer must… Include the cost of the property valuation
      order in the MI claim, when applicable. Obtain the results of the property valuation
      order through Fannie Mae''s servicing solutions system within 10 calendar days
      from the date the servicer submits the request. Note: Property valuation results
      may take longer in the event of unusual conditions or if access to the property
      is delayed. Recent Related Announcements The table below provides references
      to recently issued Announcements that are related to this topic. Announcement
      Issue Date Announcement SVC-2023-03 May 10, 2023 Announcement SVC-2022-04 June
      8, 2022 Announcement SVC-2020-02 June 10, 2020'
  judgment: false
