Servicing Guide

Published September 9, 2020

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What are the procedures for filing a mortgage insurance claim when a mortgage loan is acquired through a Mortgage Release or Foreclosure Sale?

For properties acquired through a Mortgage Release or foreclosure sale, the servicer must complete the actions listed in the following table in relation to the MI claim, in accordance with 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.

The servicer must...
 

Submit an REOgram within 24 hours of the property acquisition.

 

Remove the mortgage loan from Fannie Mae’s investor reporting system with Action Code 72.

 

File the MI claim within 30 days after the settlement of the Mortgage Release or the date of the foreclosure sale or, in states that have redemption periods after the foreclosure sale, within 30 days after the redemption period expiration.

 

Submit a final request for expense reimbursement through the CRS no later than 30 days following the settlement of the Mortgage Release or foreclosure sale date, or, in states that have redemption periods, within 30 days after expiration of the redemption period.

 

Provide the mortgage insurer with a copy of the valuation for an executed Mortgage Release.

  • Note: In applicable jurisdictions, when the foreclosure is completed through a process under which title vests in Fannie Mae (or the servicer in appropriate cases) by operation of court order and there is no foreclosure sale, the servicer must use the date the court’s order is entered on the docket in place of the foreclosure sale date.

For more information please see Servicing Guide F-1-06, Filing an MI Claim for a Liquidated Mortgage Loan or Acquired Property.

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