source:
  type: guide
  id: fnma-svc-e-3.2-11
  authority: Fannie Mae Servicing Guide E-3.2-11 — Collecting Under an Assignment
    of Rents
  description: Fannie Mae Servicing Guide E-3.2-11 — Collecting Under an Assignment
    of Rents.
  coverage_tier: operative
obligations:
- id: fnma-svc-e-3.2-11-full
  canonical_id: fnma-svc-e-3.2-11-full
  section: Fannie Mae Servicing Guide E-3.2-11 — Collecting Under an Assignment of
    Rents
  type: do
  tags:
  - regulator-direct
  - fnma
  - servicing-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Servicing Guide E-3.2-11 — Collecting Under an Assignment
      of Rents
    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: E-3.2-11, Collecting Under an Assignment of Rents (08/12/2015)
      The servicer must determine whether it is appropriate to pursue collections
      under the assignment of rents provision, taking into consideration mortgage
      insurer or guarantor requirements. If the servicer pursues collections under
      an assignment of rents provision, it must ensure local law allows the mortgagee
      to collect rents under these circumstances, and this action will not create
      any new rights for the occupant that might impair Fannie Mae’s ability to foreclose
      the mortgage loan at a later date. Rental income that is collected on a delinquent
      mortgage loan must be applied in accordance with the terms of the note and security
      instrument. The following table provides the servicer with instructions when
      the mortgage loan is in foreclosure and the servicer is already collecting rental
      income. ✓ The servicer must… Hold any rental income it receives as unapplied
      funds until the mortgage loan is liquidated. Keep a record of rental income
      collections and disbursements so that they can be considered when the ﬁnal claim
      under the MI or guaranty is ﬁled. Remit Fannie Mae's share of the rental income
      to Fannie Mae or deduct it from the amount due to reimburse the servicer for
      any advances it made. Recent Related Announcements There are no recently issued
      Announcements related to this topic.
  judgment: false
