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FannieMae REO, Property Maintenance and Management:

FannieMae REO,

Property Maintenance and Management:

Property Preservation Matrix and Reference Guide

Effective Date: 10/12/2011

I.

Property Preservation Matrix

As indicated in the

https://www.efanniemae.com/sf/guides/ssg/relatedservicinginfo/pdf/ppmatrix.pdf

Servicing Guide, Part VIII, Section 106: Property Maintenance and Management, throughout the foreclosure process the servicer is responsible for performing all property maintenance functions to ensure that the condition and appearance of the property are maintained satisfactorily.

Servicers should refer to the Property Preservation Matrix below for property preservation allowable reimbursement amounts. Where the cost of the contemplated preservation work exceeds these amounts, the request will be submitted via HomeTracker

 

®, the preferred method for all over allowable reimbursement amounts. If the servicer does not have access to HomeTracker, the servicer must submit a Property Preservation Request for Repair (Form 1095) with supporting photographic documentation via e-mail to property_preservation@fanniemae.com.

All pertinent supporting information and documentation that would assist in making a sound and complete property preservation decision should be included. Photos should be submitted as attachments to each applicable line item.

Color photos must be submitted as attachments to each applicable line item per the following requirements:

Submitted photos must pertain to the applicable bid line item.

A maximum of five attachments per line item is allowed.

Photo dimensions must be a minimum of 1051 × 1500 dpi.

Date and time stamp are required on each photo.

Before and after photos should be available upon request.

In cases where damages are found, interior and exterior photos detailing property conditions are required.

All bids are expected to be within the allowable reimbursement amounts unless extraordinary conditions warrant bid modification. If these conditions exist, the bid must be submitted with a description and photos to support the request. All bid line items not identified in the Matrix below will be reviewed for approval. To facilitate the review of the bids, the use of an industry standard based cost estimator tool is useful although not required. The estimates, photos, and any supporting documentation should be uploaded as attachments in HomeTracker.

As noted above, HomeTracker is the preferred method for all over allowable reimbursement requests. This application was specifically designed to facilitate communication between Fannie Mae and servicers to streamline work processes. HomeTracker allows servicers to search property information, submit requests, receive responses, track history, and print requests for files.

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