source:
  type: guide
  id: fnma-svc-f-1-02
  authority: Fannie Mae Servicing Guide F-1-02 — Escrow, Taxes, Assessments, and Insurance
  description: Fannie Mae Servicing Guide F-1-02 — Escrow, Taxes, Assessments, and
    Insurance.
  coverage_tier: operative
obligations:
- id: fnma-svc-f-1-02-full
  canonical_id: fnma-svc-f-1-02-full
  section: Fannie Mae Servicing Guide F-1-02 — Escrow, Taxes, Assessments, and Insurance
  type: do
  tags:
  - regulator-direct
  - fnma
  - servicing-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Servicing Guide F-1-02 — Escrow, Taxes, Assessments, and
      Insurance
    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: 'F-1-02, Escrow, Taxes, Assessments, and Insurance (05/13/2026)
      Introduction This Servicing Guide Procedure contains the following: Instructing
      Mortgage Insurers to Release Data Notifying Fannie Mae of Mortgage Insurance
      Rescissions, Claim Denials, or Cancellations Ordering Property Values for Mortgage
      Insurance Termination Instructing Mortgage Insurers to Release Data The servicer
      must provide instructions as required for an MI company to release information
      to Fannie Mae in accordance with B-8.1-01, Conventional Mortgage Insurance Servicer
      Responsibilities. The following table provides steps the servicer must follow
      when instructing the MI company to release details to Fannie Mae. Step Servicer
      Action 1 Use the Mortgage Insurance Disclosure Instructions and Release Template
      posted on Fannie Mae’s website or any other form that is acceptable to the mortgage
      insurer and that results in the release of the requested data to Fannie Mae.
      Published May 13, 2026 538 Step Servicer Action 2 Provide the Mortgage Insurance
      Disclosure Instructions and Release Template (or its equivalent) to each mortgage
      insurer as required. Language that accomplishes the same objective may be included
      in any written authorization agreement between the servicer and mortgage insurer
      as long as it covers insured mortgage loans being serviced now or in the future
      by the servicer. Note: These instructions do not relieve the servicers of their
      obligation under the Selling Guide and the Servicing Guide to report mortgage
      insurance coverage terms completely and accurately to Fannie Mae nor do they
      imply the mortgage insurer rather than the servicer will be the oﬃcial source
      of this data for Fannie Mae. Notifying Fannie Mae of Mortgage Insurance Rescissions,
      Claim Denials, or Cancellations The servicer must notify Fannie Mae of MI rescissions,
      claim denials, or cancellations for all mortgage loans in accordance with B-8.1-01,
      Conventional Mortgage Insurance Servicer Responsibilities. The following table
      provides steps the servicer must follow for notifying Fannie Mae of MI rescissions,
      claim denials, or cancellations. If the mortgage loan is... Then the servicer
      must... active Report to Fannie Mae the Action Code 54 (MI Terminated—High Risk
      Loan) in the LAR that relates to the month in which the notiﬁcation was received
      from the mortgage insurer. The Action Date must be the date of the notiﬁcation
      received from the mortgage insurer. liquidated Notify Fannie Mae of MI rescissions,
      claim denials, or cancellations by sending an email to MI_Ops@fanniemae.com.
      Note: Notiﬁcation for active and liquidated mortgage loans must include the
      Fannie Mae and servicer loan numbers and a description of the rescission, mortgage
      insurer-initiated cancellation, or claim denial. Ordering Property Values for
      Mortgage Insurance Termination The servicer must cancel borrower-purchased MI
      at the request of the borrower in accordance with Borrower- Initiated Termination
      of Conventional Mortgage Insurance Based on Original Value of the Property or
      Borrower- Published May 13, 2026 539 Initiated Termination of Conventional Mortgage
      Insurance Based on Current Value of the Property, as applicable in B-8.1-04,
      Termination of Conventional Mortgage Insurance. On one-unit properties, the
      servicer must order an interior and exterior BPO, or appraisal if the servicer
      determines it is required by law, using Fannie Mae''s servicing solutions system.
      On two- to four- unit properties, the servicer must order an interior and exterior
      appraisal using Fannie Mae''s servicing solutions system. The BPO or appraisal
      to determine the current value of the property is at the expense of the borrower
      and the servicer must only order the valuation after the servicer receives the
      applicable fee. The borrower must be charged the cost of the BPO or appraisal
      based on the following table. Valuation Type Cost BPO $190 Restricted appraisal
      one-unit $450 Appraisal two- to four-unit $750 If the borrower is requesting
      MI termination based on current value of the property because of property improvements
      made by the borrower since origination, the servicer must include details provided
      by the borrower of the property improvements to Fannie Mae. Recent Related Announcements
      The table below provides references to recently issued Announcements that are
      related to this topic. Announcements Issue Date Announcement SVC-2026-04 May
      13, 2026 Announcement SVC-2023-06 December 20, 2023 Announcement SVC-2022-08
      December 21, 2022 Announcement SVC-2022-07 October 12, 2022 Announcement SVC-2021-09
      December 8, 2021 Announcement SVC-2021-08 November 17, 2021 Published May 13,
      2026 540'
  judgment: false
