source:
  type: guide
  id: fnma-svc-b-2-03
  authority: Fannie Mae Servicing Guide B-2-03 — Master Property Insurance Requirements
    for Project Developments
  description: Fannie Mae Servicing Guide B-2-03 — Master Property Insurance Requirements
    for Project Developments.
  coverage_tier: operative
obligations:
- id: fnma-svc-b-2-03-full
  canonical_id: fnma-svc-b-2-03-full
  section: Fannie Mae Servicing Guide B-2-03 — Master Property Insurance Requirements
    for Project Developments
  type: do
  tags:
  - regulator-direct
  - fnma
  - servicing-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Servicing Guide B-2-03 — Master Property Insurance Requirements
      for Project Developments
    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-2-03, Master Property Insurance Requirements for Project Developments
      (02/14/2024) Introduction This topic contains the following: Overview Acceptable
      Evidence of Master Property Insurance Policies Published May 13, 2026 173 Overview
      This topic describes additional requirements only applicable to servicers. Refer
      to Selling Guide B7-3-03, Master Property Insurance Requirements for Project
      Developments for property insurance requirements for project developments, including
      determining if a master property insurance policy is required, coverage requirements,
      determining the required coverage amount, deductible requirements, special coverage
      requirements for project developments, special coverage requirements for condo
      projects, builder/developer property insurance policies, and policies covering
      multiple projects. Acceptable Evidence of Master Property Insurance Policies
      The servicer must ensure on an annual basis that the master insurance coverage
      maintained for a PUD, condo, or co-op project meets the requirements outlined
      in this Servicing Guide. Refer to Selling Guide B7-3-07, Evidence of Property
      Insurance for acceptable evidence of master insurance policies. Acceptable evidence
      of master insurance coverage for a unit in a PUD, condo, or co-op project includes
      either: a copy of the current master policy and any endorsements, and a certiﬁcate
      of insurance showing the individual unit securing the mortgage loan is covered
      under the policy; a blanket insurance policy which covers every project in which
      the servicer services Fannie Mae mortgage loans, with premiums borne by the
      servicer as a corporate expense; or an insurance policy maintained by the servicer
      which provides ”walls-in” coverage as well as loss assessment coverage as needed
      in the event of an uninsured loss for all Fannie Mae PUD, condo, or co-op mortgage
      loans serviced by the servicer. In accordance with Selling Guide A2-1-03, Indemniﬁcation
      for Losses, the servicer must indemnify Fannie Mae in the event that the servicer''s
      use of an insurance product does not provide suﬃcient coverage. In no event
      shall a servicer''s obligation to Fannie Mae thereunder be limited to the amount
      of coverage in force under an insurance product that it has selected or obtained.
      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 Published May 13, 2026 174 Announcements
      Issue Date Announcement SVC-2022-08 December 21, 2022 Announcement SVC-2021-09
      December 8, 2021'
  judgment: false
