Fannie Mae Uninsured and Insured Loss Events Guide Updates

December 15, 2017

In efforts to reduce the cost of servicing, Fannie Mae updated their Servicing Guide to reflect they will reimburse servicers for insured loss repair inspection fees for all mortgage loans where confirmation of property repairs is required. This announcement is an extension of the reimbursement policy that applied to loans impacted by disasters. Servicers may […]

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California Wildfire Billing and Claim Handling Notice

December 15, 2017

The California Department of Insurance issued a notice asking all insurers to provide expedited claim handling and at least an additional 30 days to pay insurance premiums to account for disruption in mail service and to prevent victims from losing their insurance coverage for nonpayment of premiums. This request is not the same as a typical […]

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National Flood Insurance Program Temporarily Extended

December 11, 2017

Late last week Congress passed a short-term, two-week extension of the National Flood Insurance Program (NFIP). The extension came just in time to keep the program afloat. On Friday, President Trump signed the legislation into law reauthorizing the NFIP the date it was set to expire. The revised expiration date is now December 22, 2017, […]

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Fannie Mae Disaster Assistance Guide Reorganization

November 21, 2017

Fannie Mae released an announcement (SVC-2017-10) that explains some servicing guide sections related to disaster events have been reorganized for clarity reasons. Section D1-3-01, Evaluating the Impact of a Disaster Event and Providing Relief to a Borrower, was revised while D1-3-02, Providing Relief to a Borrower Who Is Affected by a Disaster, has been deleted.

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Fannie Freddie Disaster Relief Requirements

November 9, 2017

Fannie & Freddie – New Disaster Related Insurance Loss Proceeds Requirements In an effort to mitigate the devastating impacts of natural disasters, Fannie and Freddie have issued new bulletins that provide temporary disaster servicing requirements. The new requirements apply to any mortgage loan where the property securing the mortgage, or the borrower’s place of employment, is […]

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National Flood Insurance Program Extended

October 5, 2017

A short-term extension of the National Flood Insurance Program (NFIP) passed as part of the multi-billion dollar disaster relief package approved by Congress and signed by President Trump on Friday, September 8, 2017. The legislation extends the NFIP to December 8, 2017, avoiding the program expiration date of September 30, 2017. The White House Office […]

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Hurricane Maria FEMA Bulletin

October 5, 2017

FEMA Update The Federal Emergency Management Agency has responded to Hurricane Maria by issuing various announcements to speed up the receipt of funds by the insured and to extend the grace period for renewals of Standard Flood Insurance Policies (SFIP). The announcements include: Advance Payments can be made to policyholders (FEMA Bulletin w-17056) Verbal and […]

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Hurricane Maria FDIC Regulatory Relief Guidance

October 5, 2017

FDIC Update The Federal Deposit Insurance Corporation (FDIC) issued a statement urging supervised financial institutions to work constructively, consistent with safe-and-sound banking practices and within reason when dealing with customers negatively impacted by Hurricane Maria. The FDIC explained that sensible adjustments to loans in affected communities will not be subject to examiner criticism. The full […]

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NFIP Flood Insurance Manual Updated

October 2, 2017

FEMA published the revised NFIP Flood Insurance Manual with changes that will become effective October 1, 2017. Proctor Financial would like to draw attention to the following: Revised Refund Rules for the HFIAA Surcharge  FEMA will allow pro-rated Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) surcharge refunds for policies eligible to receive premium refunds […]

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Fannie and Freddie Hurricane Assistance Updates

October 2, 2017

Fannie Mae and Freddie Mac have issued guidance extending requirements and relief options available to eligible borrowers located in qualified disaster areas impacted by all hurricanes occurring in the U.S. and its territories on or after August 25, 2017, and through the 2017 hurricane season.  Before the recent announcement the previously approved relief options were […]

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