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.

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 PropertyF-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.

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-4-02, List of ContactsF-4-02, 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.