Servicing Guide

Published November 10, 2020

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What are the servicer's responsibilities related to the cancellation of property insurance coverage for all first and second lien conventional mortgage loans when the property is acquired?

The following table describes the servicer's responsibilities related to the cancellation of property insurance coverage for all first and second lien conventional mortgage loans when the property is acquired.

Within 14 days after the foreclosure sale or acceptance of an executed Mortgage Release, the servicer must...
 

Ask the property insurance carrier to cancel the policy and, unless prohibited by the policy or applicable law, send it any unearned premium refund.

 

Request cancellation of Fannie Mae's mortgagee interest in the policy and removal of its name from the policy if the insurance carrier is not willing to cancel the policy because Fannie Mae is not the named insured.

For information regarding the servicer’s responsibilities prior to liquidation for maintaining a required property insurance coverage and addressing insurable damage or potential damage due to a disaster event, see B-2, Property Insurance Requirements, B-5-01, Insured Loss Events, and D1-3-01, Evaluating the Impact of a Disaster Event and Assisting a Borrower.

For more information please see: E-4.4-01: Continuing or Canceling Property Insurance Coverage 

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