OSC Compliance Insight Bulletin: FHFA Directs Fannie Mae and Freddie Mac to Update Property Insurance Requirements, Plus: Flood Insurance During NFIP Lapse


Chief Compliance Officer Kirk Stephens, CRCM, has provided critical insight into updates to the Seller/Servicer Guides by Freddie Mac and Fannie Mae. These updates specify Seller/Servicer responsibilities to ensure that mortgaged real estate property is covered by adequate insurance in order to promote sustainable homeownership.

Additionally, the National Flood Insurance Program (NFIP) may lapse due to a shutdown of the federal government or if Congress does not renew the NFIP’s authorization to issue new policies, increase coverage on existing policies, or issue renewal policies.

The Bulletin breaks down the implications of both these changes, and what you and your insureds need to do.

Click here to view the newsletter PDF.

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