Guide Update 26-16
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Insurance
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Primary Audience: Insurance |
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HIGHLIGHTS |
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Effective for Mortgage Loans placed under application on or after July 6, 2026 and for insurance policy renewals on or after September 22, 2026, updated various insurance requirements in:
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Primary Changes
Updated:
- Part II, Chapter 5: Property and Liability Insurance to:
- remove the A.M. Best Financial Size Category VII requirement for insurance carriers, while retaining the A- or better standard; and
- clarify requirements for:
- private flood insurance maximum deductibles; and
- terrorism coverage amounts; and
- Part V, Chapter 4: Asset Management: Loan Document Administration, removing the requirement for:
- an A.M. Best Financial Size Category VII rating for renewal policies; and
- immediate replacement coverage solely because a carrier is downgraded below B++.
Questions
Please contact [email protected] with any questions.