Servicing Guide

Published November 10, 2020

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What should be done when the servicer becomes aware that a property securing a mortgage loan has incurred damage as a result of a disaster event?

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.

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