Policy Renewal

For each policy renewal, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must comply with the following timeline.

Timeline	The Servicer must...
No later than 60 days before the policy expiration date	Contact the BorrowerBorrowerPerson who is the obligor per the Note. to request an original or duplicate original of each renewal policy within 90 days after the policy’s expiration date.
No later than 15 days after the earlier of: receipt of each renewal policy; or the date the policy was due	Determine if the insurance coverage complies with Part II, Chapter 5: Property and Liability Insurance. If non-compliant, immediately notify: the BorrowerBorrowerPerson who is the obligor per the Note. to resolve all non-compliant items; and Fannie Mae per a Non-Monetary Default Borrower Request in 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. .
No later than 60 days after notifying the Borrower of any noncompliant renewal policy	Resolve all non-compliant items with the BorrowerBorrowerPerson who is the obligor per the Note. and/or insurance agent (e.g., obtain a compliant renewal policy or endorsement, request a waiver, obtain force place coverage, etc.).
If, after 60 days, neither a compliant renewal policy nor an insurance waiver is obtained	Submit a Non-Monetary Default Borrower Request in 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. . Immediately send the BorrowerBorrowerPerson who is the obligor per the Note. a Reservation of Rights Letter (Form 4804).