Freddie Mac Update on New Mortgage Insurance Policy Requirements
On December 2, Freddie Mac released an update titled New Mortgage Insurance Master Policy Requirements.
New Mortgage Insurance Master Policy Requirements
The Federal Housing Finance Agency (FHFA) issued a press release today regarding changes to mortgage insurance (MI) master policy requirements. FHFA has worked with Freddie Mac and Fannie Mae to revise the MI master policy requirements to ensure consistent and reliable MI coverage, and support our efforts to achieve clarity of coverage, greater operational efficiency, and transparency in the mortgage market.
Freddie Mac has confirmed that the MI companies with whom we do business have included the new requirements in their master policies. We anticipate that each MI company will file its revised master policy with the appropriate state insurance regulator by the end of 2013, with an implementation date to be announced by Freddie Mac in mid-2014. The master policies will be effective for all loans originated and sold to us after the implementation date.
Note: these new requirements do not affect our Seller/Servicer requirements in our Single-Family Seller/Servicer Guide.
If you have questions, please contact your mortgage insurer directly.
For More Information
To view the online update, please click here.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.