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Question: As nationwide insurance issues continue to complicate agency-required hazard and flood insurance coverage, are there any resources available to lenders to assist with training staff?

Answer:

Yes.  Fannie Mae’s Learning Center provides Insurance Training to lenders and servicers that is specifically designed to provide an understanding of the key property and flood insurance requirements for one-to-four units, PUDs, condos and co-ops.  Specifically, Fannie Mae’s Learning Center offers the following property insurance training modules:

Property Insurance (1-4-Unit Properties)

• Evidence of property insurance;
• General property insurance requirements for all property types;
• Property insurance coverage requirements for one- to four-unit properties;
• Determining the required coverage amount for one- to four-unit properties;
• Understanding replacement cost value, replacement cost coverage, and actual cash value; 
• Deductible requirements for one- to four-unit properties; and 
• Individual property insurance requirements for a unit in a project development.

Note: Fannie Mae’s Learning Center also offers various training modules for property insurance for PUDs, condos, and co-ops. 

Flood Insurance

• Determining if a property requires flood insurance;
• Evidence of flood insurance – all property types;
• Determining the required deductible amount – all property types;
• Coverage amount requirements for one- to four-unit properties, including PUDs; and
• Coverage amount requirements for attached condo and co-op projects.

Please also visit our prior related FAQs: Natural Disasters and Mortgage Lenders and Property Insurer Credit Rating.

Also, in case you missed it, please visit MQMRs Newsroom to watch the recent webinar The Home Insurance Crisis; How Mortgage Leaders Can Navigate the Volatile Market.