Servicing Guide

Published November 10, 2020

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What action must be taken when a property's flood zone status changes?

When a property is remapped into an SFHA, the servicer must take the action described in the following table.

If the property is located in a... Then the servicer must...

participating community under the NFIP

obtain the required coverage within 120 days after the effective date of the remapping even if the borrower refuses to obtain the required coverage or to pay a disputed premium.

non-participating community under the NFIP

work with the borrower to locate a private insurance carrier and obtain the required coverage within 120 days after the effective date of the remapping.

The servicer must follow the procedures in General Expense Reimbursement Requirements in F-1-05, Expense Reimbursement for information related to flood insurance premium reimbursement.

When a property is remapped out of an SFHA, the servicer must not require flood insurance. If the borrower provides a letter from FEMA stating the structure is no longer in an SFHA and requests that the flood insurance be canceled, the servicer must

  • cancel the flood insurance, and

  • maintain a copy of the letter from FEMA in the individual mortgage loan file.

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.

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