Servicing Guide

Published November 10, 2020

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What action must be taken if Fannie Mae does not receive mortgage insurance claim proceeds within the specified time period for a conventional mortgage loan?

After it files the claim, the servicer must follow up with the mortgage insurer to ensure that the claim is settled in a timely manner 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.

Generally, the mortgage insurer is contractually required to pay the claim within a specified period after it receives all required documentation. This period is usually 60 days

If Fannie Mae does not receive the MI claim proceeds before the end of the contractual period, it will ask the servicer to explain the delay. The following table provides a list of data points the servicer must include in its explanation to Fannie Mae.  

The servicer must include...
 

The date it met the mortgage insurer’s documentation requirements (if they had not been met with the servicer filed the claim).

 

The dates of its follow-up efforts with the mortgage insurer.

 

The mortgage insurer’s response(s) to the servicer’s inquiries.

If Fannie Mae believes the servicer acted prudently, Fannie Mae will pursue the delayed claim payment directly. If Fannie Mae determines there was no reasonable explanation for the delay, the servicer must advance its own funds to pay the claim 
amount due Fannie Mae.

To make sure that an MI claim settlement is sent directly to Fannie Mae’s lockbox, the servicer must show Fannie Mae’s name and address as follows:

Fannie Mae
P.O. Box 277672
Atlanta, GA 30384–767

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

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