Fannie Mae Reminds Servicers Of Lender-Placed Insurance Certification Requirements, Updates Servicing Transfer Policies

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On May 9, Fannie Mae issued Servicing Guide Announcement SVC-2014-06, which reminds servicers that no later than June 1, 2014 they must certify compliance with new requirements for acceptable lender-placed insurance costs and carriers under an interim process announced in SCV-2013-07. After that date servicers will complete the certification using a new form. The announcement also states that Fannie Mae is adding new definitions related to servicing transfers, and that effective August 1, 2014, Fannie Mae will require the transferor servicer or transferor subservicer to submit the Form 629 to Fannie Mae no earlier than 60 days prior to the proposed transfer date, and that the proposed transfer date must be the first business day of the month for which the transferee servicer will be responsible for reporting the loan-level detail activity to Fannie Mae.

 

Topics:  Fannie Mae, Lender-Placed Insurance, Transfers

Published In: Finance & Banking Updates, Insurance Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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