Servicing Guide

Published September 9, 2020

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What are the servicer's responsibilities for maintaining flood insurance?

The following table outlines the servicer’s responsibilities for the maintenance of flood insurance.

The servicer must...
 

Ensure the property securing the mortgage loan is adequately protected by flood insurance when required, with no lapses of coverage.

 

Ensure the flood insurance premiums are paid. See B-1-01, Administering an Escrow Account and Paying Expenses for additional information.

 

Actively monitor all flood maps and community status changes and take appropriate action as changes occur. If a property is remapped into a SFHA, see When a Property’s Flood Zone Status Changes for additional information.

 

Provide evidence of flood insurance coverage to Fannie Mae within 10 business days of the date of Fannie Mae’s request.

 

Increase the coverage for home renovation or construction mortgage loans, if necessary, when the renovation or construction work is completed or the borrower occupies the property. Also see B-4-02, Builder’s Risk/Construction Site Insurance for additional information.

 

For more information see Servicing Guide B-3-01, Flood Insurance Requirements Applicable to All Property Types.   

 

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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.

Guide Resources

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Visit Selling and Servicing Guide Communications and Forms

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