Fannie Mae Servicing Guide B-5-02 — Uninsured Loss Events
Fannie Mae Servicing Guide B-5-02 — Uninsured Loss Events.
Verbatim regulatory text
Verbatim provisions from Fannie Mae Servicing Guide B-5-02 — Uninsured Loss Events — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
Fannie Mae Servicing Guide B-5-02 — Uninsured Loss Events
B-5-02, Uninsured Loss Events (09/09/2020) When a natural disaster or other event results in an uninsured loss to the property, the servicer must take the steps listed in the following table. Step Servicer Action 1 Determine the damage. Step Servicer Action 2 If the property is abandoned, secure it in accordance with the requirements for a property in foreclosure in E-3.2-12, Performing Property Preservation During Foreclosure Proceedings and the Property Preservation Matrix and Reference Guide. 3 Develop plans to repair the property. 4 Assist the borrower in filing for any disaster relief that may be available in accordance with D1-3-01, Evaluating the Impact of a Disaster Event and Assisting a Borrower. 5 Evaluate the borrower for a workout option in accordance with Chapter D2-3, Fannie Mae’s Home Retention and Liquidation Workout Options, if applicable. Chapter B-6, Lender-Placed Insurance Introduction This chapter describes the requirements related to lender-placed insurance.
Operationalizing Fannie Mae Servicing Guide B-5-02 — Uninsured Loss Events
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Source of record: https://claudeforcompliance.com/regs/fnma-svc-b-5-02/
· register fnma-svc-b-5-02 · Claude for Compliance. Free to read and download;
see regulatory updates and methodology.