Servicing Guide

The Servicing Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. You may also download the entire Servicing Guide in PDF format.

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B-4-03: Mortgage Loan or Credit Life Insurance (11/12/2014)

If the servicer acts as a broker or agent in the sale of mortgage loan (or credit) life insurance, or similar types of insurance, to the borrower, the following apply:

  • A credit life insurance policy must require separately identified premium payments on a monthly or annual basis.

  • The servicer must agree to reimburse Fannie Mae for attorney’s fees or any costs that Fannie Mae incurs if it brings an action on a defaulted mortgage loan, and

    • the borrower defends against Fannie Mae’s foreclosure or acts to enjoin Fannie Mae from liquidating the mortgage loan, and

    • the defense or the action for injunction is based on an obligation of the servicer (as broker or agent) or the insurance carrier.

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