Your Responsibilities for Creating and Submitting Closed Cases

What is a closed case?

Fannie Mae defines a closed case as a loan that is being modified by one of the available Fannie Mae loss mitigation options.

Cases must be created and submitted through Fannie Mae's servicing solutions system, which includes Fannie Mae's Servicing Management Default Underwriter (SMDU) and/or HomeSaver Solutions Network (HSSN) to inform Fannie Mae of any changes that are being applied to their loans. 

MBS Trust loans must be reclassified prior to closing.

What is HSSN?

HSSN or HomeSaver SolutionTM Network is Fannie Mae’s system of record for loss mitigation workouts. HSSN is accessible through Asset Management Network (AMN)

Who is responsible for entering closed cases?

For each Fannie Mae loan where one of the following loss mitigation options is being applied and Fannie Mae's approval is not needed, servicers must create and submit a closed cases through Fannie Mae's servicing solutions system, which includes Fannie Mae's Servicing Management Default Underwriter (SMDU) and/or HomeSaver Solutions Network (HSSN).

• Loan Modification
• Standard Short Sale / Pre-foreclosure Sale
• Deed-in-Lieu

Delegated versus non-delegated workout:

The Servicing Guide provides servicers with the authority or delegation to create and execute loss mitigation workouts within specific parameters without obtaining prior Fannie Mae approval.

Loss Mitigation workouts that do not meet these specific parameters must be submitted to Fannie Mae for approval prior to executing a specified workout plan.

Why is entering closed cases through Fannie Mae's servicing solutions system important?

It is important to enter closed cases through Fannie Mae's servicing solutions system as Fannie Mae needs the information for our asset management activities and disclosure requirements. Additionally, in order to receive incentives, servicers must close cases.

What is the timeline for entering closed cases through Fannie Mae's servicing solutions system?

You should create and submit closed cases through Fannie Mae's servicing solutions system as you receive the executed workouts throughout the month.

Once you have submitted and closed the case, there are no additional steps you need to take within Fannie Mae's servicing solutions system.