• Document that "Knowing Your Options" was posted on all properties, provided redemption/confirmation expired, and note the date posted. On tenant occupied properties, notify the rental team of the response, or lack of response, following the 10th day of posting. If it is stated that tenant is interested in renting, then confirm that the forms were submitted to the rental team within the same time frame.
• If tenant occupied and the tenant is attempting to maintain occupancy based on an existing lease or applying for a new lease, do not place the BPO order on hold. This is a recurrent problem resulting in delays in processing rental applications.
• Tenant occupied properties are eligible for a 1% higher Listing Commission. The Listing Supplement must be initially modified to reflect this. Do not wait until the property is under contract to make the change.
• OSR indicating Unknown-Occupied must be verified within 5 days and OSR updated. On 2-4 Family properties, report as tenant unless otherwise confirmed as owner.
• Do not submit partial rental applications received to the rental team. The Rental Information Form and Property Management Report must be submitted together followed by uploading the BPO.
• The agents must not accept rental funds without fully executed lease agreements, or approval to accept an existing lease. If pets are present and the tenant is applying for a new month to month lease: the agent must supply proof of liability insurance that specifically indicates the pets are included, Fannie Mae is named as additional insured, and the coverage is at least $300,000 with no more than a $500 deductible.
• AMP should submit repairs through their usual repair process but may check with the rental team for confirmation that a specific repair should be performed on an occupied property.
• Inform the agents of the Fannie Mae REO ID and the importance of using it on the subject line of all direct communications with the Rental Team. Subject line of emails: state abbreviation followed by REO ID. Example: FLD091234.  
• On 2-4 Family Properties, reference specific unit numbers when reporting / updating Case Comments.
• Current rental forms and guidelines are available at www.efanniemae.com.

If you should have any questions about the points listed above, please contact the Rental Team at reo_rental@fanniemae.com

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