source:
  type: regulation
  id: fnma-svc-d2-3.3-01
  authority: Fannie Mae Single Family Servicing Guide D2-3.3-01, Fannie Mae Short Sale (08/13/2025)
  description: "Fannie Mae Single Family Servicing Guide topic D2-3.3-01 (Fannie Mae Short Sale). Gap-fill (verbatim,\
    \ ID-diff). \n"
obligations:
- id: fnma-svc-d2-3.3-01-0
  canonical_id: fnma-svc-d2-3.3-01-0
  section: Fannie Mae Single Family Servicing Guide D2-3.3-01
  description: 'D2-3.3-01 Fannie Mae Short Sale: Reporting a Workout Option to Fannie Mae and the Investor Reporting
    Manual. Appropriately manage liquidation workout options that involve the borrower’s relinquishing ownership
    of the property to ensure that the borrower’s rights are appropriately protected. Provide evidence of t…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Servicing Guide D2-3.3-01, Fannie Mae Short Sale (08/13/2025)
    source_class: gse-guide
    source_url: https://servicing-guide.fanniemae.com/
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: Reporting a Workout Option to Fannie Mae and the Investor Reporting Manual. Appropriately manage
      liquidation workout options that involve the borrower’s relinquishing ownership of the property to ensure
      that the borrower’s rights are appropriately protected. Provide evidence of the borrower’s indication of intent
      to pursue a short sale to Fannie Mae upon request. If the servicer is responding to an unsolicited short sale
      request from a borrower, it is authorized to proceed directly with evaluating the borrower for a Fannie Mae
      short sale without ﬁrst conducting an evaluation for a home retention workout option. See
    drafter_attestation: Verbatim from Fannie Mae Single Family Servicing Guide D2-3.3-01 body (max-gap occurrence),
      snapshot cf63a82bbb4adfba; substring-verified.
  judgment: false
- id: fnma-svc-d2-3.3-01-1
  canonical_id: fnma-svc-d2-3.3-01-1
  section: Fannie Mae Single Family Servicing Guide D2-3.3-01
  description: 'D2-3.3-01 Fannie Mae Short Sale: Receiving a Borrower Response Package for information on evaluating
    the borrower for workout options. The servicer must follow the procedures in Requesting Reimbursement for Expenses
    Associated with Workout Options in F-1-05, Expense Reimbursement for requesting reimbursement of …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Servicing Guide D2-3.3-01, Fannie Mae Short Sale (08/13/2025)
    source_class: gse-guide
    source_url: https://servicing-guide.fanniemae.com/
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: Receiving a Borrower Response Package for information on evaluating the borrower for workout
      options. The servicer must follow the procedures in Requesting Reimbursement for Expenses Associated with
      Workout Options in F-1-05, Expense Reimbursement for requesting reimbursement of allowable fees. Communicating
      with a Borrower Regarding a Fannie Mae Short Sale The following table provides the servicer’s responsibilities
      when communicating, either verbally or in writing, about a short sale with the borrower.
    drafter_attestation: Verbatim from Fannie Mae Single Family Servicing Guide D2-3.3-01 body (max-gap occurrence),
      snapshot cf63a82bbb4adfba; substring-verified.
  judgment: false
- id: fnma-svc-d2-3.3-01-2
  canonical_id: fnma-svc-d2-3.3-01-2
  section: Fannie Mae Single Family Servicing Guide D2-3.3-01
  description: 'D2-3.3-01 Fannie Mae Short Sale: Receiving a Borrower Response Package). Note: If the mortgage loan
    is current or less than 60 days delinquent, the servicer must determine that the borrower’s monthly payment
    is in imminent default in accordance with Evaluating a Borrower for Imminent Default for Fannie Mae Short…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Servicing Guide D2-3.3-01, Fannie Mae Short Sale (08/13/2025)
    source_class: gse-guide
    source_url: https://servicing-guide.fanniemae.com/
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: 'Receiving a Borrower Response Package). Note: If the mortgage loan is current or less than
      60 days delinquent, the servicer must determine that the borrower’s monthly payment is in imminent default
      in accordance with Evaluating a Borrower for Imminent Default for Fannie Mae Short Sale or Fannie Mae Mortgage
      Release Eligibility in'
    drafter_attestation: Verbatim from Fannie Mae Single Family Servicing Guide D2-3.3-01 body (max-gap occurrence),
      snapshot cf63a82bbb4adfba; substring-verified.
  judgment: false
- id: fnma-svc-d2-3.3-01-3
  canonical_id: fnma-svc-d2-3.3-01-3
  section: Fannie Mae Single Family Servicing Guide D2-3.3-01
  description: 'D2-3.3-01 Fannie Mae Short Sale: Determining if the Borrower’s Mortgage Payment is in Imminent Default.
    between 90 days and 18 months delinquent based on a complete BRP, unless one of the following conditions applies,
    in which case the servicer must evaluate the borrower for a Fannie Mae Short Sale without recei…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Servicing Guide D2-3.3-01, Fannie Mae Short Sale (08/13/2025)
    source_class: gse-guide
    source_url: https://servicing-guide.fanniemae.com/
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: 'Determining if the Borrower’s Mortgage Payment is in Imminent Default. between 90 days and
      18 months delinquent based on a complete BRP, unless one of the following conditions applies, in which case
      the servicer must evaluate the borrower for a Fannie Mae Short Sale without receiving a complete BRP: • the
      borrower failed a Fannie Mae Flex Modiﬁcation Trial Period Plan within the previous 12 months (see'
    drafter_attestation: Verbatim from Fannie Mae Single Family Servicing Guide D2-3.3-01 body (max-gap occurrence),
      snapshot cf63a82bbb4adfba; substring-verified.
  judgment: false
- id: fnma-svc-d2-3.3-01-4
  canonical_id: fnma-svc-d2-3.3-01-4
  section: Fannie Mae Single Family Servicing Guide D2-3.3-01
  description: 'D2-3.3-01 Fannie Mae Short Sale: Fannie Mae Flex Modiﬁcation); • the borrower received a Fannie
    Mae Flex Modiﬁcation and become 60 days or more delinquent within the ﬁrst 12 months of the eﬀective date of
    the mortgage loan modiﬁcation without reinstating; • the borrower completed three or more mortgage loan modi…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Servicing Guide D2-3.3-01, Fannie Mae Short Sale (08/13/2025)
    source_class: gse-guide
    source_url: https://servicing-guide.fanniemae.com/
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: 'Fannie Mae Flex Modiﬁcation); • the borrower received a Fannie Mae Flex Modiﬁcation and become
      60 days or more delinquent within the ﬁrst 12 months of the eﬀective date of the mortgage loan modiﬁcation
      without reinstating; • the borrower completed three or more mortgage loan modiﬁcations; • the borrower received
      a forbearance plan as a result of a hardship where applicable law has special requirements related to credit
      bureau reporting (e.g., disaster event) and became 90 days or more delinquent prior to the evaluation for
      a short sale; or • the mortgage loan is not secured by an investment property, as identiﬁed at origination,
      and the borrower’s classic FICO credit score is less than or equal to 620. Note: The FICO credit score must
      be no more than 90 days old as of the date of evaluation. If the servicer obtains multiple credit scores for
      a single borrower, it must select a representative credit score using the lower of two or the middle of three
      credit scores. If there are multiple borrowers, the servicer must determine the representative score for each
      borrower and use the lowest representative score as the credit score for the evaluation. greater than 18 months
      delinquent without receiving a complete BRP. Note: Fannie Mae also will agree to short sales for FHA, VA,
      or RD mortgage loans if they comply with all of the insurer’s or guarantor’s guidelines and do not result
      in a loss to Fannie Mae. If the borrower’s debt has been discharged pursuant to Chapter 7 of the U.S. bankruptcy
      code, the servicer'
    drafter_attestation: Verbatim from Fannie Mae Single Family Servicing Guide D2-3.3-01 body (max-gap occurrence),
      snapshot cf63a82bbb4adfba; substring-verified.
  judgment: false
- id: fnma-svc-d2-3.3-01-5
  canonical_id: fnma-svc-d2-3.3-01-5
  section: Fannie Mae Single Family Servicing Guide D2-3.3-01
  description: 'D2-3.3-01 Fannie Mae Short Sale: Receiving a Borrower Response Package for additional information.
    the borrower’s housing expense-to-income ratio is less than or equal to 40% as calculated in accordance with
    Calculating the Borrower’s Housing Expense-to-Income Ratio in F-1-14, Processing a Fannie Mae Short Sale.…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Servicing Guide D2-3.3-01, Fannie Mae Short Sale (08/13/2025)
    source_class: gse-guide
    source_url: https://servicing-guide.fanniemae.com/
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: 'Receiving a Borrower Response Package for additional information. the borrower’s housing expense-to-income
      ratio is less than or equal to 40% as calculated in accordance with Calculating the Borrower’s Housing Expense-to-Income
      Ratio in F-1-14, Processing a Fannie Mae Short Sale. The servicer must initially request a cash contribution
      of the greater of the following, rounded to the nearest $100 and not to exceed the amount of the deﬁciency:
      20% of the borrower’s non-retirement cash reserves, or four times the contractual monthly mortgage loan payment
      including PITI. If the servicer does not escrow for T&I, it must estimate the borrower’s monthly tax and insurance
      premium amounts. If the servicer determines it is warranted based on its assessment of the borrower’s individual
      situation and'
    drafter_attestation: Verbatim from Fannie Mae Single Family Servicing Guide D2-3.3-01 body (max-gap occurrence),
      snapshot cf63a82bbb4adfba; substring-verified.
  judgment: false
- id: fnma-svc-d2-3.3-01-6
  canonical_id: fnma-svc-d2-3.3-01-6
  section: Fannie Mae Single Family Servicing Guide D2-3.3-01
  description: 'D2-3.3-01 Fannie Mae Short Sale: Fannie Mae Mortgage Release (Deed-in-Lieu of Foreclosure) (08/13/2025)
    Introduction This topic contains the following: General Requirements When Processing a Fannie Mae Mortgage Release
    Evaluating a Borrower to Determine Eligibility for a Fannie Mae Mortgage Release Evaluating a …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Servicing Guide D2-3.3-01, Fannie Mae Short Sale (08/13/2025)
    source_class: gse-guide
    source_url: https://servicing-guide.fanniemae.com/
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: 'Fannie Mae Mortgage Release (Deed-in-Lieu of Foreclosure) (08/13/2025) Introduction This topic
      contains the following: General Requirements When Processing a Fannie Mae Mortgage Release Evaluating a Borrower
      to Determine Eligibility for a Fannie Mae Mortgage Release Evaluating a Borrower for Fannie Mae Mortgage Release
      Transition Options Evaluating the Credit Report for New Mortgage Loans Obtained Obtaining a Property Valuation
      and Evaluating the Condition of the Property Allowable Payments to Subordinate Lienholders Incentive Payments
      to Assist a Borrower with Relocation Expenses Evaluating a Borrower’s Ability to Make a Cash Contribution'
    drafter_attestation: Verbatim from Fannie Mae Single Family Servicing Guide D2-3.3-01 body (max-gap occurrence),
      snapshot cf63a82bbb4adfba; substring-verified.
  judgment: false
- id: fnma-svc-d2-3.3-01-7
  canonical_id: fnma-svc-d2-3.3-01-7
  section: Fannie Mae Single Family Servicing Guide D2-3.3-01
  description: 'D2-3.3-01 Fannie Mae Short Sale: Fannie Mae-Initiated Repurchases, Indemniﬁcations, Make Whole Payment
    Requests and Deferred Payment Obligations). The servicer must refer to the Property Preservation Matrix and
    Reference Guide for further clariﬁcation on handling delinquent and vacant or abandoned properties dur…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Servicing Guide D2-3.3-01, Fannie Mae Short Sale (08/13/2025)
    source_class: gse-guide
    source_url: https://servicing-guide.fanniemae.com/
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: Fannie Mae-Initiated Repurchases, Indemniﬁcations, Make Whole Payment Requests and Deferred
      Payment Obligations). The servicer must refer to the Property Preservation Matrix and Reference Guide for
      further clariﬁcation on handling delinquent and vacant or abandoned properties during the Mortgage Release
      process. Evaluating a Borrower to Determine Eligibility for a Fannie Mae Mortgage
    drafter_attestation: Verbatim from Fannie Mae Single Family Servicing Guide D2-3.3-01 body (max-gap occurrence),
      snapshot cf63a82bbb4adfba; substring-verified.
  judgment: false
- id: fnma-svc-d2-3.3-01-8
  canonical_id: fnma-svc-d2-3.3-01-8
  section: Fannie Mae Single Family Servicing Guide D2-3.3-01
  description: 'D2-3.3-01 Fannie Mae Short Sale: Receiving a Borrower Response Package). Note: If the mortgage loan
    is current or less than 60 days delinquent, the servicer must determine that the borrower’s monthly payment
    is in imminent default in accordance with Evaluating a Borrower for Imminent Default for Fannie Mae Short…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Servicing Guide D2-3.3-01, Fannie Mae Short Sale (08/13/2025)
    source_class: gse-guide
    source_url: https://servicing-guide.fanniemae.com/
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: 'Receiving a Borrower Response Package). Note: If the mortgage loan is current or less than
      60 days delinquent, the servicer must determine that the borrower’s monthly payment is in imminent default
      in accordance with Evaluating a Borrower for Imminent Default for Fannie Mae Short Sale or Fannie Mae Mortgage
      Release Eligibility in'
    drafter_attestation: Verbatim from Fannie Mae Single Family Servicing Guide D2-3.3-01 body (max-gap occurrence),
      snapshot cf63a82bbb4adfba; substring-verified.
  judgment: false
- id: fnma-svc-d2-3.3-01-9
  canonical_id: fnma-svc-d2-3.3-01-9
  section: Fannie Mae Single Family Servicing Guide D2-3.3-01
  description: 'D2-3.3-01 Fannie Mae Short Sale: Determining if the Borrower’s Mortgage Payment is in Imminent Default.
    between 90 days and 18 months delinquent based on a complete BRP, unless one of the following conditions applies,
    in which case the servicer must evaluate the borrower for a Fannie Mae Mortgage Release without…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fnma-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Fannie Mae Single Family Servicing Guide D2-3.3-01, Fannie Mae Short Sale (08/13/2025)
    source_class: gse-guide
    source_url: https://servicing-guide.fanniemae.com/
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: 'Determining if the Borrower’s Mortgage Payment is in Imminent Default. between 90 days and
      18 months delinquent based on a complete BRP, unless one of the following conditions applies, in which case
      the servicer must evaluate the borrower for a Fannie Mae Mortgage Release without receiving a complete BRP:
      • the borrower failed a Fannie Mae Flex Modiﬁcation Trial Period Plan within the previous 12 months (see'
    drafter_attestation: Verbatim from Fannie Mae Single Family Servicing Guide D2-3.3-01 body (max-gap occurrence),
      snapshot cf63a82bbb4adfba; substring-verified.
  judgment: false
