Servicing Guide

Published September 9, 2020

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B-4-03: Mortgage Loan or Credit Life Insurance (11/12/2014)

If the servicer acts as a broker or agent in the sale of mortgage loan (or credit) life insurance, or similar types of insurance, to the borrower, the following apply:

  • A credit life insurance policy must require separately identified premium payments on a monthly or annual basis.

  • The servicer must agree to reimburse Fannie Mae for attorney’s fees or any costs that Fannie Mae incurs if it brings an action on a defaulted mortgage loan, and

    • the borrower defends against Fannie Mae’s foreclosure or acts to enjoin Fannie Mae from liquidating the mortgage loan, and

    • the defense or the action for injunction is based on an obligation of the servicer (as broker or agent) or the insurance carrier.

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Customers Recommend Ask Poli

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

Guide Resources

For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more.

Visit Selling and Servicing Guide Communications and Forms

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