The following table describes the servicer’s requirements when it becomes aware that a property securing a mortgage loan has incurred damage as a result of a disaster event.
|✓||The servicer must...|
Determine whether the property is adequately insured against any damage in accordance with B-2, Property Insurance Requirements and B-3, Flood Insurance Requirements.
Ensure that any applicable property insurance claims are filed and settled promptly, and that the property is repaired fully in accordance with B-5-01, Insured Loss Events.
|Follow the requirements in B-5-02, Uninsured Loss Events if there are uninsured losses.|
See D2-2-10, Requirements for Performing Property Inspections and the Property Preservation Matrix and Reference Guide for additional information on property inspections and property preservation.
For more information please see: D1-3-01, Evaluating the Impact of a Disaster Event and Assisting a Borrower.