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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What actions are required if an unearned premium refund for property insurance is received?

When the servicer receives an unearned premium refund, it may either remit the refund to Fannie Mae as a special remittance or, if the servicer has outstanding foreclosure expenses that Fannie Mae has not reimbursed, the servicer may “net” the unearned premium refund out of the next request for expense reimbursement it submits for that mortgage loan.

If, for any reason, a property insurance carrier refuses to return the unearned premium refund to the servicer, the servicer must include a comment to that when it submits its final request for expense reimbursement.

For more information please see: E-4.4-02: Remitting Property Insurance Settlement Proceeds or Unearned Premium Refunds 

 

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