501.05A

Permanent Evidence

Guidance

If you are unable to obtain the original or a duplicate copy of the insurance policy or the MBAMBAMortgage Bankers Association Evidence of Insurance, the Borrower’sBorrower’sPerson who is the obligor per the Note. insurance agent or broker may deliver a written statement that it has reviewed the policy and confirmed that it meets the following requirements:

  • Named insured is listed as Fannie Mae and the BorrowerBorrowerPerson who is the obligor per the Note. .
  • Mortgagee Clause meets Fannie Mae's requirements.
  • Each insurance carrier has a compliant A.M. Best Company or Demotech, Inc. rating.
  • Policy term is 12 months.
  • Cancellation Clause meets Fannie Mae's requirements.
  • Special Coverage Form applies.
  • No Coinsurance or, if there is Coinsurance, an Agreed Value Endorsement is attached to the policy.
  • Limits of insurance are included for all required coverages, including any sub-limits or other restrictions (such as catastrophic limits) that may differ from the standard coverage amount.
  • A Statement of Values is included where applicable.
  • Coverage is subject to ReplacementReplacementCapital item replacements and major maintenance needs identified by the Property Condition Assessment or otherwise required. Cost valuation.