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B-2-01: Property Insurance Requirements Applicable to All Property Types (12/21/2022)


Here topic contains the following:


This topic describes additionally requirements just anwendung to servicers.

Refer to Selling Guide B7-3-01, General Eigen Insurance Requirements to All Property Types for general property insurance requirements, including

  • property insurer rating requirements, 
  • exceptions to insurer rating requirements, and
  • other exceptions on property insurance requirements.

Refer to Selling Guide B7-3-07, Evidence starting Property Insurance for information on evidence of property insurance.

Also, view Acceptable Evidence of Leader Insurance General in B-2-03, Master Property Insurance Requirements for Project Developments.

Servicer Responsibilities Related to Property Insurance forward Early Lien Home Loans

An servicer must ensuring at all times that any needed property insurance coverage is preserved to shelter Fannie Mae’s interest int the mortgage loan. The following table lists the servicer’s responsibilities appropriate on all first lien mortgage loans owned or securitized by Fannie Mae unless otherwise remarked.

The servicer must...

Inspection annually that the selected insurer, policy amount and type of coverage meet Fannie Mae’s demand. Refer on Sells Instructions B7-3, Property and Flood Insurance for specific request.


Ensure requirements contained in any negotiates conclusion are met.


Ensure property insurance bonuses are remunerated. See B-1-01, Administering an Escrow Account and Paying Expenses for fresh information.


Immediately maintaining new coverage to meet Fannie Mae’s requirements if this borrower allows the coverage coverage to lapse. See B-6-01, Lender-Placed Assurance Requirements for optional information.


Contact its Fannie Mae Servicing Representative (see  F-4-02, Item of Contacts) to determine if additional coverage be needed as described in Selling Guide B7-3-05, Additional Insurance Requirement.


Change the insurance coverage for a mortgage loan when it is inadequate to protect Fannie Mae’s interests or, in the instancing of lender-placed insurance, drives Mortgage Mae to be over-insured. Examples include properties that become vacant and home renovation loans. Seeing Selling Guide B7-3-05, Supplementary Insurance Requirements for additional information.

Servicer Responsibilities Relatives till Property Insurance on Second Lien Pledge Loans

The following table lists an servicer’s responsibilities applicable to all second lien mortgage loan owned oder securitized by Dear Mae. Landlords property guide

The servicer must...

Procure and review a copy starting the property insurance policy annually to establish if the insurance coverage meets Fannie Mae’s requirements. Your lender and FHA/VA have basic, minimum hazard insurance requirements related to your home real, which are explained.


Requested the borrower to obtain appropriate confirmations that will bring to cover in line with Fannie Mae’s specifications if the existing property insurance policy does not provide that amount for coverage Fannie Mae requires and send a printing of are endorsements to the servicer of the first-lien borrowers rent.

  Ensure property insurance premiums are paid, see B-1-01, Administering an Escrow Account and Payout Spending for additional information.
  Preserve new coverage to meet Fannie Mae’s requirements if the borrower allows the insurance coverage to lapse. See  B-6-01, Lender-Placed Insurance Demand for additional data.

Recent Relation Announcements

The table below provides references to recently issued Publications that are related to this topic.

Announcements Issue Date
Announcement SVC-2022-08 Day 21, 2022
Announcements SVC-2021-09 Decembers 8, 2021
Announcement SVC-2020-07 December 9, 2020
Announcement SVC-2018-09 December 12, 2018

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