Yes. If the projects are under development, then they may be covered by the developer’s insurance policies if the policies provide equivalent coverage to the requirements in the Selling and Servicing Guides. When control is transferred to the individual owners or related association/corporation of the PUD, condo, or co-op project, each project must obtain its own insurance policies in accordance with Fannie Mae’s requirements.
- Doing Business with Fannie Mae
- Escrow, Taxes, Assessments, and Insurance
- Mortgage Loan Payment Processing, Remitting, Accounting, and Reporting
- Providing Solutions to a Borrower
- Default-Related Legal Services, Bankruptcy, Foreclosure Proceedings, and Acquired Properties
- Servicing Guide Procedures, Exhibits, Quick Reference Materials, and Change Control Log