Generally

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must ensure:

• the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is continuously covered by property and liability insurance per Part II, Chapter 5: Property and Liability Insurance; 
• all renewal premiums are fully paid on time in:
  • an annual lump sum; or
  • installments; and
• any BorrowerBorrowerPerson who is the obligor per the Note. -financing of premiums complies with Part II, Chapter 5: Property and Liability Insurance, Section 501.01F: Payment of Premium, and either:
  • the Modifications to Multifamily Loan and Security Agreement (Financing of Insurance Premiums) (Form 6272) was executed on the Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. ; or
  • prior to the BorrowerBorrowerPerson who is the obligor per the Note. entering into a premium financing agreement, execute and submit through the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. an Amendment to the Multifamily Loan and Security Agreement, substantially in the form of the Modifications to Multifamily Loan Agreement (Financing of Insurance Premiums) (Form 6272).

If no insurance escrows are collected, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must:

• obtain annual evidence that all policies were fully paid; and
• for BorrowerBorrowerPerson who is the obligor per the Note. -financed premiums, retain in the Servicing FileServicing FileYour file for each Mortgage Loan serviced. :
  • receipts confirming timely payments; and
  • a copy of the financing agreement.