Who must submit a request for an Administrator's exception to any servicing requirement or policy?

The correct choice is the State Executive Director (SED). The SED is responsible for making decisions related to the administration of farm loan programs within their respective state. When a situation arises that requires an exception to the standard servicing requirements or policies, it is the SED who must submit a formal request on behalf of the stakeholders involved. This ensures that the request is handled at an appropriate administrative level and in accordance with established procedures.

The other roles mentioned, such as the borrower, Loan Officers (FLOs), and Farm Loan Managers (FLMs), do not have the authority to submit requests for exceptions directly. Instead, these individuals typically deal with the implementation of policies and servicing of loans as established by the SED and the broader guidelines set forth by the agency. Thus, while they play crucial roles in the day-to-day operations and customer interactions, the formal request for exceptions to policy must go through the SED for proper consideration and approval.