See below for Chapter 7: Quick Reference Materials
To see other Chapters of the Fannie Mae Single-Family Reverse Mortgage Loan Servicing Manual, please click on any of the chapters below:
Chapter 1, Reverse Mortgage Loan Products
Chapter 2, Doing Reverse Mortgage Loan Business with Fannie Mae
Chapter 3: General Servicing Requirements
Chapter 4: Assisting Borrowers At Risk of Default or In Default
Chapter 5: Processing Claims and Managing Acquired Properties
Chapter 6: Reporting through eBoutique
Chapter 7: Quick Reference Materials
This chapter contains the following topics:
Term |
Definition |
eBoutique(TM) |
A web-based application that provides access to the Fannie Mae reverse mortgage loan database, which includes information about each reverse mortgage loan in a servicer’s portfolio. |
First year property charges set-aside |
Funds that are “netted out” of the borrower’s principal limit for a reverse mortgage loan if the borrower asks the servicer to pay tax or insurance premiums on their behalf and the amount to be assessed during the first year cannot be withheld from payments that are made to the borrower. |
Home Equity Conversion Mortgage (HECM) |
An FHA-insured reverse mortgage loan that permits homeowners who are at least 62 years of age to withdraw their cash equity from their home. |
Home Keeper Mortgage Loan |
Fannie Mae’s conventional reverse mortgage loan product. |
Line of credit payment plan |
A reverse mortgage loan payment plan available for FHA HECM loans that provides for payments to be made to the borrower whenever they request a disbursement. The borrower specifies the amount of the disbursement (or draw) each time they request a payment. |
Property 360(TM) |
A web-based application that allows servicers of reverse mortgage loans to submit qualified expenses for reimbursement. |
Maximum claim amount |
The lesser of the appraised value of a property and the maximum loan amount that FHA can insure for a one-family residence in the area where the property is located; a component that is used in determining a borrower’s principal limit for an FHA HECM loan. |
Modified tenure payment plan |
A reverse mortgage loan payment plan available for FHA HECM loans that provides for the borrower to set aside part of their principal limit at origination to establish a line of credit that can be drawn on at any time and to receive the rest of the principal limit in the form of scheduled equal monthly installments over a fixed term. |
Modified term payment plan |
A reverse mortgage loan payment plan available for FHA HECM loans that provides for the borrower to set aside part of their principal limit at origination to establish a line of credit that can be drawn on at any time and to receive the rest of the principal limit in the form of scheduled equal monthly installments over a fixed term. |
Term |
Definition |
Net line of credit |
The amount of a borrower’s line of credit for a reverse mortgage loan that is available to be withdrawn at any specific point in time. At origination, it will be equal to the original line of credit less any set-asides for repairs or first year property charges. At other times, it will be equal to the original line of credit less any set-asides or previous draws the borrower has made. |
Net principal limit |
The amount of money available to a borrower who has a reverse mortgage loan at any specific point in time. It will be equal to the principal limit less the sum of any payments made to the borrower, any financed closing costs, the servicing fee allocation, and any set-asides, plus the amount of any repayments the borrower has made. |
Notice of immediate payment |
The notice that the servicer sends to a borrower who has a Home Keeper reverse mortgage loan to call the mortgage loan due and payable because the borrower no longer occupies the property as a principal residence or has otherwise defaulted under the terms of the mortgage loan. |
Original line of credit |
A borrower’s total line of credit for a reverse mortgage loan, including any funds that must be used for specific purposes. It is equal to the principal limit plus any set-asides for repairs or first year property charges. |
Payment plan |
The manner in which the loan proceeds for a reverse mortgage loan are paid out to the borrower. |
Principal limit (Report 31) |
The total borrowing power that is available to a borrower when a reverse mortgage loan is originated. The amount of cash that is available when a Home Keeper mortgage loan is originated (which is called the “principal limit”) is a function of the age and number of borrowers, the value of the property, and (for some older mortgage loans originated before August 10, 2000) whether the borrower chose an equity share feature. |
Regularly amortizing mortgage loan |
A collective term that Fannie Mae uses to differentiate “forward” mortgage loans from reverse mortgage loans. Mortgage loans that fall into this category include fully amortizing mortgage loans, partially amortizing mortgage loans (such as balloon mortgage loans or mortgage loans with an interest-only feature), and mortgage loans that provide for the deferment of interest accruals during any portion of the mortgage term (by allowing negative amortization). |
REOgram |
An automated notice that a property has been acquired by foreclosure or acceptance of a deed-in-lieu of foreclosure, which serves as an early warning system for potential property dispositions. |
Repair set-aside |
An amount that is “netted out” of a borrower’s principal limit for a reverse mortgage loan, which is then set aside to pay for required repair work as it is completed. |
Repayment notice |
The notice that the servicer sends to a borrower who has an FHA HECM to call the mortgage loan due and payable because the borrower no longer occupies the property as a principal residence or has otherwise defaulted under the terms of the mortgage loan. |
Repayment Plan |
An arrangement made to repay delinquent installments or advances; formal repayment plans are called relief provisions. |
Term |
Definition |
Reverse mortgage loan |
A mortgage loan for which the borrower receives the proceeds based on the terms of a payment plan that they select, rather than as a lump sum at loan closing. The mortgage loan usually is repaid in one payment (from the proceeds of the sale of the house or from the settlement of the borrower’s estate), rather than through periodic payments. The mortgage loan is not due and payable as long as the borrower occupies the property as a principal residence and does not violate any of the mortgage loan covenants. |
Scheduled payment |
A reverse mortgage loan payment that is made to a borrower under the terms of a payment plan that calls for payments to be made at stated intervals over a defined term or until the borrower no longer occupies the property as a principal residence or otherwise defaults under the terms of the mortgage loan; the payment that is due for any given month (or any given biweekly payment period) for a regularly amortizing mortgage loan. |
Set-aside |
Funds for a specified use that are “netted out” when determining a borrower’s principal limit for a reverse mortgage loan. Uses for a set-aside include the payment of expenses for repairs that were required as a condition of originating the mortgage loan and accruals to pay first year property charges (if the borrower wants the servicer to pay them and they cannot be withheld from payments made to the borrower). |
Special Remittances |
Additional monies that are due to Fannie Mae for a specific purpose related to an individual mortgage loan. Some examples are the sales or redemption proceeds related to acquired properties, repurchase or loss reimbursement proceeds, insurance premium refunds, rental payments for an acquired property, deficiency settlements, and property insurance recoveries. |
Tenure conversion factor |
A factor that is used to determine the new payments for a Home Keeper reverse mortgage loan when a borrower changes to a payment plan that provides for scheduled payments. It is the ratio of the maximum monthly tenure payment available to the borrower at origination to the maximum line of credit available to that same borrower at origination. |
Tenure payment plan |
A reverse mortgage loan payment plan available for FHA HECM loans that provides for the borrower to receive scheduled equal monthly installments beginning on the first day of the month after loan closing and continuing over time. |
Term payment plan |
A reverse mortgage loan plan available for FHA HECM loans that provides for the borrower to receive scheduled equal monthly installments over a fixed term. |
Unscheduled payment |
A reverse mortgage loan payment that is made to a borrower under a line of credit payment plan, which is determined by the borrower’s request for a specific payment amount to be paid on a specific date; any payment that the servicer deducts from the borrower’s line of credit for a reverse mortgage loan to make payments on the borrower’s behalf (for example, to pay for repairs or T&I payments); a payment that Fannie Mae receives from a borrower who has a regularly amortizing mortgage loan, which represents funds being paid for a reason other than to make the scheduled payment that is due. |
Related Announcements
There are no recently issued Announcements related to this topic.
7-02, Table of Abbreviations and Acronyms (12/08/2021)
Term |
Definition |
ACH |
Automated Clearing House |
AOP |
Advice of Payment |
ARM |
adjustable-rate mortgage loan |
CMT |
Constant Maturity Treasury |
CRS |
Cash Remittance System |
FHA |
Federal Housing Administration |
FTP |
File Transfer Portal |
HECM |
Home Equity Conversion Mortgage |
HERMIT |
Home Equity Reverse Mortgage Information Technology |
HOA |
Homeowner’s Association |
HUD |
Department of Housing and Urban Development |
IRS |
Internal Revenue Service |
LIBOR |
London Interbank Offered Rate |
MBS |
mortgage-backed security |
MRC |
Mortgage Resource Center, Inc. |
P&I |
principal and interest |
PUD |
planned unit development |
REO |
real estate owned |
SF CPM |
Fannie Mae’s Single-Family Credit Portfolio Management |
SF Credit Ops |
Fannie Mae’s Single-Family Credit Operations |
SF Ops Master Servicing |
Fannie Mae’s Single-Family Operations Master Servicing |
T&I |
taxes and insurance |
UPB |
unpaid principal balance |
Related Announcements
There are no recently issued Announcements related to this topic.
7-03, List of Contacts (06/13/2018)
Name |
Contact Information |
Purpose |
HECM Billing |
e-mail: |
For filing HECM-specific MI Claims that are not yet set up to use the FTP. |
HECM Refunds |
e-mail: |
For submitting refund requests on HECM loans. |
Reverse Mortgage Loan Servicing Representative |
Servicer Support Center 1-800-2FANNIE (1-800-232-6643) Enter your 5-digit Seller/Servicer Number, # and then select option 2. e-mail: |
For general servicer questions; case specific inquiries; servicing-related issues; and loss mitigation inquiries. |
SF Credit Ops |
e-mail: |
For questions regarding REOgram submissions for reverse mortgage loans. |
SF CPM |
Fannie Mae Attn: SF CPM, Documents P.O. Box 809007 or P.O. Box 650043 Dallas, TX 75265 e-mail: |
For all document submissions including HECM-specific requirements for the assignment of mortgage loans. |
SF Ops Master Servicing |
e-mail: master_servicing@fanniemae.com
e-mail must include: Attn: Fannie Mae Analyst Extension 2601 Seller-Servicer Number Seller-Servicer Name |
For requests to receive the Net Principal Limit Report and/or the Line of Credit Report for specific mortgage loans, or for a specific date range only. |
Related Announcements
The table below provides references to recently issued Announcements that are related to this topic.
Announcements | Issue Date |
Announcement SVC-2022-03 | May 11, 2022 |
Announcement SVC-2018-04 | June 13, 2018 |
To see other Chapters of the Fannie Mae Single-Family Reverse Mortgage Loan Servicing Manual, please click on any of the chapters below:
Chapter 1, Reverse Mortgage Loan Products
Chapter 2, Doing Reverse Mortgage Loan Business with Fannie Mae
Chapter 3: General Servicing Requirements
Chapter 4: Assisting Borrowers At Risk of Default or In Default
Chapter 5: Processing Claims and Managing Acquired Properties