Servicing Guide

Published November 10, 2020

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E-4.5-01: Filing MI Claims for Conventional Mortgage Loans or for Other Mortgage Loans for which Fannie Mae Bears the Risk of Loss (05/11/2016)

The servicer must file all primary MI claims for liquidated conventional first lien mortgage loans

  • insured under a master primary policy issued by any approved mortgage insurer except RMIC, and

  • for which Fannie Mae bears the risk of loss.

The MI claim must be filed so that the claims proceeds are sent directly to Fannie Mae.

The servicer also must file claims for mortgage loans for

  • conventional first lien mortgage loans insured by mortgage insurers not participating in the MI Direct® MI claims process, and

  • those mortgage loans that are not conventional first lien mortgage loans for which Fannie Mae bears the risk of loss.

The servicer of a portfolio mortgage loan or a special servicing option MBS mortgage loan must reimburse Fannie Mae in the following circumstances:

  • if certain costs in the claim are disallowed;

  • if the amount of interest payable is cut off solely because the servicer did not follow the required procedures for conveyance or claim filing; or

  • if any payments the servicer owes the insurer or guarantor (for premiums, surcharges, etc.) are netted against the benefits paid to Fannie Mae.

Once the MI claim is filed, whether by the servicer or Fannie Mae, the servicer has different responsibilities depending on how the property is liquidated. The servicer must follow the procedures in F-1-06, Filing an MI Claim for a Liquidated Mortgage Loan or Acquired Property.

Generally, after completing its responsibilities, the servicer is not required to take any further action unless it is contacted by Fannie Mae's eviction attorney, or the mortgage insurer, and asked to provide certain information or documentation. If the servicer fails to provide requested documentation, it must indemnify and hold Fannie Mae harmless against all Fannie Mae losses caused by its inaction. The servicer must provide any additional information requested by the mortgage insurer in order to process the claim. The servicer must follow the procedures in Ensuring Timely Settlement of the MI Claim for a Conventional Mortgage Loan in F-1-06, Filing an MI Claim for a Liquidated Mortgage Loan or Acquired Property.

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