The servicer’s total servicing fee for a mortgage loan generally is the difference between the mortgage interest rate and the rate at which the servicer passes through interest to Fannie Mae. However, the servicer of an MBS mortgage loan must pay Fannie Mae a guaranty fee, so its total servicing fee compensation is reduced by the amount of the guaranty fee. In addition, the total servicing compensation for a conventional mortgage that has lender-purchased MI is reduced by the accrual for the applicable renewal premium for this coverage. The total servicing fee (after deduction of the applicable guaranty fee for an MBS mortgage and/or the applicable renewal premium accrual for a mortgage with lender-purchased MI) must at least equal Fannie Mae’s required minimum servicing fee for the particular type of mortgage loan.
See F-2-09, Servicing Fees for MBS Mortgage Loans and F-2-10, Servicing Fees for Portfolio Mortgage Loans for a list of the servicing fees by mortgage loan type.
Servicing Fees During and After a Mortgage Loan Modification Trial Period Plan: During a Trial Period Plan, the servicer continues to earn servicing fees to the extent that the borrower’s payments equal a contractual full payment.
The servicer will receive servicing fees when the mortgage loan modification becomes effective. If the servicing fee that the servicer was receiving before the mortgage loan modification was greater than one-quarter of one percent (0.25%), then the servicer must change the servicing fee to one-quarter of one percent (0.25%). For mortgage loans that have lender-paid MI, see B-8.1-02, Paying Conventional Mortgage Insurance Premiums for additional information.
Servicing Fees After a Payment Deferral: The servicer will continue to receive the servicing fee it was receiving prior to completing the payment deferral after the payment deferral becomes effective.