© Fannie Mae Single Family Servicing Guide
Determining Minimum Coverage Amounts
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| Type of Mortgage Loan | Mortgagee Clause Requirements |
|---|---|
First lien mortgage loan | The policy must include (or have attached) a “standard” or “union” mortgagee clause (without contribution) in the form customarily used in the area in which the property is located. |
Second lien mortgage loan | The mortgagee clause in the property insurance policy for the first lien mortgage loan must be amended to recognize the second lien mortgage loan and to clearly set out Fannie Mae’s interest in the policy coverage. |
Related Announcements
The following table provides references to Announcements that are related to this topic.
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