Fannie Mae issued an announcement to officially retract the lender-placed insurance provisions of the March 2012 Lender-Placed Property Insurance Announcement (SVC-2012-04). Fannie Mae previously postponed the effective date of the March 2012 Announcement, but until now there has been no official retraction. As a result of the retraction, servicers should continue to follow the unmodified… Read More »
In response to the Biggert-Waters Flood Reform Act of 2012, the regulatory Agencies issued interagency flood guidance. A significant change for PFI clients is that the agencies have declared that the 45-day borrower payment issue has been resolved, for example, borrowers can be charged for lender-placed coverage beginning on the date on which flood insurance… Read More »
On March 6, 2013, Fannie Mae announced that, effective immediately, for all mortgage loans where the foreclosure sale was or will be held on or after October 1, 2012, servicers must cancel hazard insurance coverage (including lender-placed policies) within 14 calendar days after the property appears on the Vacancy Report in Home Tracker. Insurance policies… Read More »
On February 22, 2013, Fannie Mae informed servicers of new requirements with respect to a servicer’s management of repairs and disbursement of insurance claim settlement proceeds for properties affected by Hurricane Sandy. Effective immediately, for borrowers who were current at the time of Hurricane Sandy and whose property did not suffer a total or near-total… Read More »
On February 22, 2013, Fannie Mae issued a reminder announcement to servicers regarding loss draft practices. The announcement reminds servicers that when undisbursed insurance loss draft funds are deposited into an interest-bearing account, the account must be for the borrower’s benefit and the servicer must comply with applicable law regarding the disbursement of interest earned… Read More »
While there has been a lot of uncertainty in the lender placed insurance industry, recent news in regards to Fannie Mae’s Force Placed Insurance Plan has been released. On Monday, February 11, the Federal Housing Finance Agency (“FHFA”) conference call with Fannie Mae and mortgage industry trade groups resulted in the announcement that the FHFA… Read More »
Fannie Mae announced it will now accept private flood insurance policies as an alternative to NFIP policies. The change is mandated by Biggert-Waters Flood Insurance Reform Act of 2012, which extended to NFIP through September 30, 2017. Fannie Mae requires that the terms and amount of coverage under the private policy must be at least… Read More »
On January 17th, the CFPB released final force-placed hazard insurance regulations. The effective date for the implementation of the final regulations is January 10, 2014. The regulations incorporate Dodd-Frank Act mandated force-placed hazard insurance requirements as well as additional provisions not mandated by the Dodd-Frank Act. The new regulations prohibit a servicer from charging a… Read More »
Fannie Mae has updated the Property Preservation Matrix and Reference Guide with new allowable reimbursement amounts and timelines. Did you like this? Share it:Tweet
Fannie Mae has updated the Property Preservation Matrix and Reference Guide with new allowable reimbursement amounts and timelines. Did you like this? Share it:Tweet
