Servicing Guide

Published September 9, 2020

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For investor reporting, what are the Fannie Mae mortgage insurance discontinuance allowable reasons?

The reason for the MI Discontinuance is distinguished by action codes. The proper action code that must be reported differs based on whether the MI is automatically terminated or is canceled based on the borrower’s request to do so. Action codes are further described in the following table:

Action Code

The servicer must use this code…

51 

to report a borrower-initiated cancellation based on the original value of the property (or, in the case of a second-lien mortgage loan, the value of the property at the time the second-lien mortgage loan was originated)

52 

to report a borrower-initiated cancellation based on the current appraised value of the property

53 

to report an automatic termination (regardless of whether the termination is based on the scheduled LTV ratio or the date that is the mid-point of the amortization period).

54

to report termination due to high risk.

For more information see Fannie Mae Investor Reporting Manual Chapter 3, Reporting Non-Payment Transactions.

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