Completion/Repair and Security Agreement Extension Requests

A borrower may request additional time to complete short-term repairs covered under a completion/repair and security agreement. Based on the expiration date for the agreement, extensions may not exceed

One year for primary risk mortgage loans
Two years for secondary risk mortgage loans

The table below lists the key points to consider in reviewing a request to extend a completion/repair and security agreement.

Guide Reference	Multifamily Selling and Servicing Guide Part V: Servicing and Asset Management, Chapter 3, Section 307
Delegation Criteria	Generally, you, as the servicer, have delegated authority to extend the time limit for making repairs if: The current agreement has not expired, The borrower has not defaulted in its performance under the completion/repair agreement, and The repairs covered under the extension request do not involve life safety issues The property is not financed through a credit facility or a bulk delivery. Submit to Fannie Mae any requests to extend agreements that have passed the agreement’s expiration date or those for which the property is financed through a credit facility or a bulk delivery.
What to Submit	Submit the following to Fannie Mae with your request: Copy of the borrower’s request Copy of the Completion/Repair and Security Agreement (Form 4505) and all amendments Copies of all other agreements related to the release, if applicable Servicer’s narrative Property name and address Fannie Mae loan number Reason for the request Analysis of the work that has been completed and the items awaiting completion The new extension date Your recommendation
How to Submit	Generally: [email protected]. Structured Facilities* (Credit Facilities and Bulk Deliveries): [email protected] *Seniors Housing:** [email protected] Hard Copy (if required by Fannie Mae) Fannie Mae Credit Services/Drawer AM Mailstop 8H-607 3900 Wisconsin Ave. NW Washington, DC 20016 *Contact us at these e-mail addresses for requirements specific to these financing/asset types.
Fees	Not applicable
Use of Funds	Not applicable
Resolution/Follow-Up	If you approve the extension request under your delegated authority, or if Fannie Mae approves the request, you must amend the completion/repair and security agreement to reflect the new completion date. If we approve the request to extend the terms and conditions of the completion/repair and security agreement, you should prepare and submit to Fannie Mae an amendment to the completion/repair and security agreement blacklined against the most recent agreement. If You Have Limited Power of Attorney If you approved the request under your delegated authority and if you have a limited power of attorney to execute an amended completion/repair agreement, an officer of your company may sign the amended agreement as attorney-in-fact for Fannie Mae. The signature block must be signed “[Name of Servicer], as Attorney-in-Fact for Fannie Mae.” Retain a copy of the documentation in your servicing file and send the executed original of the amendment to Drawer AM at the physical address listed above. If You Do Not Have Limited Power of Attorney If you approve the request under your delegated authority, but do not have limited power of attorney, send the amended completion/repair agreement to the applicable Drawer AM e-mail address, along with a blacklined version of the amended document, for Fannie Mae’s review and execution.

Always consult the loan documents, transaction documents, your servicing agreement, the Multifamily Guide and the relevant forms for complete instructions.