As soon as the servicer receives the FHA claim settlement, it must remit the full amount it owes Fannie Mae. If the payment is not sent to Fannie Mae within 15 days after it is received, Fannie Mae may impose a daily interest charge until it receives it.
The interest charge will be calculated at the prime rate (as published in The Wall Street Journal’s prime rate index) that was in effect on the first business day of the month in which FHA transferred the funds to the servicer, plus 3%.
The servicer must reimburse Fannie Mae for any amount that FHA disallows from the claim because of the servicer’s failure to comply with FHA’s requirements.
For more information please see: E-4.5-03: Filing MI Claims for FHA Coinsured Mortgage Loans