Fannie Mae Issues New Requirements Regarding MI Data

Posted by Orb Staff on July 28, 2010 No Comments
Categories : Mortgage Servicing

Fannie Mae is seeking to improve the quality of information it has regarding loan-level mortgage insurance coverage data, the government-sponsored enterprise announced Tuesday.

According to the announcement, Fannie Mae will begin requiring its seller/servicers to direct mortgage insurers to provide information to Fannie Mae, in writing, concerning its insured loans.

On or before Oct. 1, each Fannie Mae seller/servicer must instruct, in writing, each mortgage insurer to provide Fannie Mae with ‘any and all information Fannie Mae may request concerning the mortgage and the insurance.’

Going forward, seller/servicers must also provide the same written instructions to any Fannie Mae-approved insurer with which they may begin doing business at the outset of the relationship. Fannie Mae explains in its announcement that the new policies do not relieve seller/servicers of their obligations to report mortgage insurance coverage terms to Fannie Mae, nor do they imply that the insurer, rather than the seller/servicer, will be the initial source of these data for Fannie Mae.

The complete announcement can be viewed here.

SOURCE: Fannie Mae

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