413.03

Flood Map Changes; Obtaining Flood Insurance

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must monitor all flood map and community status changes, and take appropriate action when changes affecting Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. it services occur.  When a 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 remapped into a Special Flood Hazard AreaSpecial Flood Hazard AreaSpecial Flood Hazard Area designated by FEMA. , the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must require the BorrowerBorrowerPerson who is the obligor per the Note. to obtain flood insurance, regardless of whether the community is “participating” in the National Flood Insurance ProgramNational Flood Insurance ProgramProgram of flood insurance coverage and floodplain management administered under the National Flood Insurance Act. . 

The flood insurance must:

If the BorrowerBorrowerPerson who is the obligor per the Note. refuses to obtain the required coverage or pay a disputed premium, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must obtain the required coverage.  The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must contact Multifamily InsuranceMultifamily InsuranceTeam that can be contacted at [email protected]. if:

  • a 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 mapped into a Special Flood Hazard AreaSpecial Flood Hazard AreaSpecial Flood Hazard Area designated by FEMA. ;
  • the community in which 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 located does not participate in the National Flood Insurance ProgramNational Flood Insurance ProgramProgram of flood insurance coverage and floodplain management administered under the National Flood Insurance Act. ; and
  • the BorrowerBorrowerPerson who is the obligor per the Note. cannot obtain the required flood insurance.

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

  • complete the most recent version of the Standard Flood Hazard Determination Form issued by FEMAFEMAFederal Emergency Management Agency ;
  • include in the Servicing FileServicing FileYour file for each Mortgage Loan serviced. a:
    • copy of the form; and
    • signed copy of Notice to Borrower of Special Flood Hazard and Federal Assistance; and
  • require the determination firm, and any monitoring company, to notify the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. whenever a flood zone change occurs.

To remove a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). /building from an SFHASFHASpecial Flood Hazard Area designated by FEMA. , only an updated FEMA Standard Flood Hazard Determination Form (SFHDF) based on the following is acceptable:

  • Letter of Map Amendment (LoMA);
  • Letter of Map Revision (LoMR); or
  • Letter of Determination Review (LoDR).