Fannie and Freddie Temporary Florida Reinsurance Guidance
Fannie Mae and Freddie Mac recently published temporary guidance on the provisional acceptance of property insurance policies in Florida in conjunction with the Florida Office of Insurance Regulation’s (FLOIR) establishment of a temporary reinsurance arrangement through Citizens Property Insurance Corporation.
Servicers are temporarily permitted to accept a renewal property insurance policy issued by an insurer participating in the Temporary Market Stabilization Arrangement (TMSA) provided that the policy is in compliance with the conditions outlined in the temporary guidance published by each Agency.
Temporary guidance published can be found by clicking on the links below:
Fannie Mae: Lender Letter 2022-08
Freddie Mac: Guide Bulletin 2022-25
Provisional acceptance of the TMSA, subject to the provisions of the temporary guidance published by each agency, is effective until the earlier of May 31, 2023, the date FLOIR terminates the TMSA, or further guidance from each Agency is provided on its acceptability.
The Proctor Loan Protector Compliance Team will continue to monitor this topic and provide updates as they develop.