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B-8.1-01: Conventional Mortgage Insurance Servicer Responsibilities (11/17/2021)

The following table outlines the servicer’s responsibilities for maintaining MI coverage.

The servicer must...

Obtain MI from companies Fannie Mae deems qualified mortgage insurers, as listed in Approved Mortgage Insurers and Related Identifiers.


Ensure the MI coverage Fannie Mae requires when it purchases or securitizes a mortgage loan remains in effect for as long as required by Fannie Mae.


Consult with MI providers for specific processes related to obtaining approvals, reporting, and other operational matters in connection with a workout option, if applicable.


Pay all renewal premiums promptly. See Reimbursement for Mortgage Insurance Premium Expenses in F-1-05, Expense Reimbursement.


Comply with all requirements under the Homeowners Protection Act of 1998 or other applicable law.


Provide mortgage insurers instructions that 

  • authorize the release of data to Fannie Mae on mortgage loans it services on behalf of Fannie Mae now or in the future, that are insured under mortgage insurance master policies, and

  • instruct each mortgage insurer to provide to Fannie Mae any information, data, and materials requested by Fannie Mae.

The servicer must follow the procedures in Instructing Mortgage Insurers to Release Data in F-1-02, Escrow, Taxes, Assessments, and Insurance for details on Fannie Mae’s requirements.


Maintain the borrower-purchased conventional MI, which was in effect when Fannie Mae acquired the mortgage loan, unless the conditions Fannie Mae imposes for replacing or cancelling the coverage are met. See B-8.1-03, Replacing Conventional Mortgage Insurance Policies and B-8.1-04, Termination of Conventional Mortgage Insurance for additional information.

Lender-purchased MI for conventional mortgage loans must be kept in effect until the mortgage loan is paid in full.


Report rescissions, mortgage insurer-initiated cancellations, and claim denials to Fannie Mae no more than 30 days from the date of notification of the MI company’s determination to effect a rescission, mortgage insurer-initiated cancellation, or claim denial.

The servicer must follow the procedures in Notifying Fannie Mae of Mortgage Insurance Rescissions, Claim Denials, or Cancellations in F-1-02, Escrow, Taxes, Assessments, and Insurance for details on Fannie Mae’s requirements.

Without Fannie Mae’s prior written approval, the servicer must not enter into any agreement that

  • modifies the terms of an approved MI master primary policy on mortgage loans delivered to Fannie Mae, or

  • allows for loss sharing, indemnification, settlement, or similar agreements of any kind between the servicer and MI company that affect Fannie Mae’s interest in its mortgage loans.


Related Announcements

The following table provides references to Announcements that are related to this topic.

Announcements Issue Date
Announcement SVC- 2021-08 November 17, 2021

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