Servicing Guide

Published September 9, 2020

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How do I determine who should be named in the mortgagee clause of a property insurance policy?

In all cases, the insurer must be instructed to send all correspondence, policies, bills, and other information to the servicer (or to both the first and second lien mortgage loan servicers).

The servicer must name Fannie Mae in the mortgagee clause if coverage or Fannie Mae’s interest would be impaired by not being named. Otherwise, the mortgagee clause is based on the mortgagee of record and the mortgage loan type as described in the following tables.

If the mortgagee is... Then...

Fannie Mae

the mortgagee clause must read “Fannie Mae, in care of [insert servicer’s name and address here].”

the servicer

the servicer’s name, followed by the phrase “its successors and assigns,” must be shown as the mortgagee.

MERS

the mortgagee clause must name the servicer unless Fannie Mae must be named because the coverage or its interest would be impaired by its not being named.

 

Type of Mortgage Loan Mortgagee Clause Requirements

First lien mortgage loan

The policy must include (or have attached) a “standard” or “union” mortgagee clause (without contribution) in the form customarily used in the area in which the property is located.

Second lien mortgage loan

The mortgagee clause in the property insurance policy for the first lien mortgage loan must be amended to recognize the second lien mortgage loan and to clearly set out Fannie Mae’s interest in the policy coverage.

For more information please see: B-2-02, Property Insurance Requirements for Mortgage Loans Secured by a One- to Four-Unit Property.

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If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources.

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