Servicing Guide

Published November 10, 2020

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E-4.5-07: Filing MI Claims for RD Mortgage Loans (11/12/2014)

Claim filing procedures for RD mortgage loans are similar for all three servicing options, except that the claim is filed for the benefit of the servicer in some cases and on Fannie Mae's behalf in other cases. The following table provides additional details for each of the servicing options.

If the mortgage loan is serviced under... Then the servicer...

the regular servicing option or the modified special servicing option

must purchase the mortgage loan from Fannie Mae immediately following the foreclosure sale and file the claim on its own behalf since it will be responsible for disposing of the acquired property.

 

Note: This is also true for any RD mortgage loan originated under the RD Native American Pilot program.

 

the special servicing option

is not required to purchase the mortgage loan or to dispose of the acquired property, but must file the claim on Fannie Mae's behalf.

The servicer must follow the procedures in Filing an RD Guarantee Claim on Fannie Mae’s Behalf in F-1-06, Filing an MI Claim for a Liquidated Mortgage Loan or Acquired Property, when the claim must be filed on behalf of Fannie Mae.

The responsibility for any loss not recovered from RD varies depending on the servicing option and is described in the following table.

If the mortgage loan is serviced under... Then...

the regular servicing option, or

was originated under the RD Native American Pilot program

the servicer is fully responsible for any losses not recovered from RD.

the special servicing option

Fannie Mae will bear all losses not recovered from RD.

the modified special servicing option

Fannie Mae will reimburse the servicer for the portion of the allowable loss that RD does not pay.

To obtain reimbursement for the difference between the calculated loss and RD’s actual claim payment for a modified special servicing option mortgage loan, the servicer must submit a request for expense reimbursement to Fannie Mae along with a copy of the RD claim form and notice of RD’ acceptance or mortgage loan modification of the claim to Fannie Mae's SF CPM division (see F-4-03, List of Contacts). Fannie Mae will not reimburse the servicer of a modified special servicing option RD mortgage loan for any additional loss it incurs because it sells the property for a net sales price that is less than the appraised value of the property (less RD’s allowance for the costs of disposing of the property). However, if the servicer's net sales price is more than the property's appraised value (less RD’s allowance for the costs of disposing of the property), Fannie Mae does not require the servicer to return the funds Fannie Mae reimbursed.

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