Click the download button now and always do things by the law. This file comes with a ready-made layout that will surely guide you. Establish the crucial benefits that all concerned parties are expecting through MS Word, Pages, or Google Docs. The table below provides references to recently issued Announcements that are related to this topic.Make sure your insurance agreements are well within the legal bounds through this template. The lender or servicer must provide legible hard copies of the complete insurance policies and proof of premium payments if Fannie Mae requests them. The lender or servicer must have appropriate procedures in place to mitigate risks associated with not possessing an original hardcopy policy, which may include obtaining certifications from the insurer as to the accuracy of certain information that the servicer is required to verify. The insurer must provide the lender or servicer with written assurance that the data file is equivalent to a printed policy, typically through a detailed agreement between the two parties. The lender's or servicer's errors and omissions insurance policy must acknowledge electronic data transfers and fully protect the lender or servicer and Fannie Mae against losses incurred as the result of erroneous data files or transfers.

confirming that the premiums have been paid and.reviewing the insurance policy terms, amount of coverage, and deductibles.The data file must include sufficient information about the insurance policy, the subject property, and the borrower to ensure that the servicer is able to comply with Fannie Mae's requirements for maintaining and monitoring property insurance, such as Requirements for Electronic Data Files for Insurance Policies The servicer must ensure on an annual basis that any property insurance policy for a one- to four-unit property or a unit in a project development meets Fannie Mae's requirements.The servicer of a second mortgage must retain a copy of the insurance policy, any endorsements to it, and evidence of premium payments.The lender or servicer must retain acceptable evidence of insurance for each required policy, which includes sufficient information about the insurance policy, the subject property, and the borrower to ensure compliance with Fannie Mae's requirements for a first mortgage, unless the lender or servicer is covered by a mortgage impairment or mortgagee interest insurance policy or uses other evidence of insurance that Fannie Mae considers acceptable.Information related to the policy should be passed on to the servicer, when applicable. The lender or servicer must verify the existence of a valid insurance policy that meets Fannie Mae's requirements.Lenders and servicers must follow the requirements below for documenting and retaining evidence of property insurance policies:

Homeowners insurance binder sample