ANNOUNCEMENT | Fannie Mae Prohibits Loss Sharing, Indemnification, and Settlement Agreements Between Servicers and Mortgage Insurers

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ANNOUNCEMENT | Fannie Mae Prohibits Loss Sharing, Indemnification, and Settlement Agreements Between Servicers and Mortgage Insurers

ANNOUNCEMENT | Fannie Mae Prohibits Loss Sharing, Indemnification, and Settlement Agreements Between Servicers and Mortgage Insurers

Effective immediately, Fannie Mae is prohibiting servicers from entering into any agreement that modifies the terms of an approved mortgage insurance master policy on loans delivered to Fannie Mae. Prohibited agreements include, but are not limited to, agreements that directly or indirectly

  • modify master policy provisions for settling of claims,
  • limit the right of a mortgage insurer to conduct file reviews or investigate claims,
  • limit the right of a mortgage insurer to rescind coverage,
  • rescind or modify coverage, or
  • restrict notice to Fannie Mae of changes in coverage status.

Further, Fannie Mae prohibits loss sharing, indemnification, settlement or similar agreements of any kind between servicers and mortgage insurance companies that affect Fannie Mae’s interest in its mortgage loans.

[ipaper docId=53095767 access_key=key-1wd6kmoow89ycd06lprq height=600 width=600 /]

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