Servicing Guide

Published November 10, 2020

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What are the instructions for remitting a settlement received for an MBS Mortgage Loan?

The servicer must remit any claim or sales proceeds it receives to Fannie Mae in accordance with E-3.5-01, Reclassifying or Removing MBS Mortgage Loans Post-Foreclosure, by adhering to the instructions shown in the following table. 

The servicer must...
 

Immediately deposit the funds into its scheduled/scheduled MBS P&I custodial account.

 

Report the receipt of funds in its accounting reports for the current month.

 

Remit funds to Fannie Mae on the remittance date in the month following their receipt.

Regardless of whether a claim settlement received is a full or partial settlement, the servicer must purchase the mortgage loan from the MBS pool upon receipt. 

If the servicer receives only a partial settlement because the claim is paid in installments (as is the case for FHA claims), the servicer must advance its corporate funds to purchase the mortgage loan from the MBS pool (retaining for its own account the partial settlement as well as all future installments of the claim settlement). 

For more information please see Servicing Guide F-1-21, Remitting and Accounting to Fannie Mae.  

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