source:
  type: guide
  id: fnma-svc-b-2-01
  authority: Fannie Mae Servicing Guide B-2-01 — Property Insurance Requirements Applicable
    to All Property Types
  description: Fannie Mae Servicing Guide B-2-01 — Property Insurance Requirements
    Applicable to All Property Types.
  coverage_tier: operative
obligations:
- id: fnma-svc-b-2-01-full
  canonical_id: fnma-svc-b-2-01-full
  section: Fannie Mae Servicing Guide B-2-01 — Property Insurance Requirements Applicable
    to All Property Types
  type: do
  tags:
  - regulator-direct
  - fnma
  - servicing-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Servicing Guide B-2-01 — Property Insurance Requirements
      Applicable to All Property Types
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/servicing-guide
    snapshot_id: cf63a82bbb4adfba
    fetched_at: '2026-05-22T23:53:19Z'
    content_hash: sha256:89df66c43baad07f8a8dd9d224492fff7d15e8839edba02ad0e74c7e50fe5da3
    paragraph_quote: 'B-2-01, Property Insurance Requirements Applicable to All Property
      Types (02/14/2024) Introduction This topic contains the following: Overview
      Servicer Responsibilities Related to Property Insurance for First Lien Mortgage
      Loans Servicer Responsibilities Related to Property Insurance for Second Lien
      Mortgage Loans Overview This topic describes additional requirements only applicable
      to servicers. Refer to Selling Guide B7-3-01, General Property Insurance Requirements
      for All Property Types for general property insurance requirements, including
      property insurer rating requirements, exceptions to insurer rating requirements,
      and other exceptions to property insurance requirements. Refer to Selling Guide
      B7-3-07, Evidence of Property Insurance for information on evidence of property
      insurance. Also, see Acceptable Evidence of Master Insurance Policies in B-2-03,
      Master Property Insurance Requirements for Project Developments. Servicer Responsibilities
      Related to Property Insurance for First Lien Mortgage Loans The servicer must
      have policies and procedures in place to ensure that required property insurance
      is continuously maintained on the subject property. The following table lists
      the servicer’s responsibilities applicable to all ﬁrst lien mortgage loans owned
      or securitized by Fannie Mae unless otherwise noted. ✓ The servicer must...
      Verify at least annually that the selected insurer, policy amount and type of
      coverage meet Fannie Mae’s requirements as described in Selling Guide B7-3,
      Property and Flood Insurance. Ensure requirements contained in any negotiated
      contract are met. Published May 13, 2026 170 ✓ The servicer must... Ensure property
      insurance premiums are paid. See B-1-01, Administering an Escrow Account and
      Paying Expenses for additional information. Obtain lender-placed insurance in
      response to notiﬁcation that coverage is being cancelled, non- renewed, reduced,
      or otherwise modiﬁed in a manner resulting in coverage that no longer meets
      Fannie Mae’s requirements, in accordance with B-6-01, Lender-Placed Insurance
      Requirements. Contact its Fannie Mae Servicing Representative (see F-4-02, List
      of Contacts) to determine if additional coverage is needed as described in Selling
      Guide B7-3-05, Additional Insurance Requirements. Change the insurance coverage
      for a mortgage loan when it is inadequate to protect Fannie Mae’s interests
      or, in the instance of lender-placed insurance, causes Fannie Mae to be over-insured.
      Examples include properties that become vacant and home renovation loans. See
      Selling Guide B7-3-05, Additional Insurance Requirements for additional information.
      Servicer Responsibilities Related to Property Insurance for Second Lien Mortgage
      Loans The following table lists the servicer’s responsibilities applicable to
      all second lien mortgage loans owned or securitized by Fannie Mae. ✓ The servicer
      must... Obtain and review a copy of the property insurance policy annually to
      determine if the insurance coverage meets Fannie Mae’s requirements. Require
      the borrower to obtain appropriate endorsements that will bring the coverage
      in line with Fannie Mae’s requirements if the existing property insurance policy
      does not provide the amount of coverage Fannie Mae requires and send a copy
      of these endorsements to the servicer of the ﬁrst-lien mortgage loan. Ensure
      property insurance premiums are paid, see B-1-01, Administering an Escrow Account
      and Paying Expenses for additional information. Published May 13, 2026 171 ✓
      The servicer must... Obtain lender-placed insurance in response to notiﬁcation
      that coverage is being cancelled, non- renewed, reduced, or otherwise modiﬁed
      in a manner resulting in coverage that no longer meets Fannie Mae’s requirements,
      in accordance with B-6-01, Lender-Placed Insurance Requirements. Recent Related
      Announcements The table below provides references to recently issued Announcements
      that are related to this topic. Announcements Issue Date Announcement SVC-2024-01
      February 14, 2024 Announcement SVC-2022-08 December 21, 2022 Announcement SVC-2021-09
      December 8, 2021 Announcement SVC-2020-07 December 9, 2020'
  judgment: false
