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FHFA Announces Overhaul of Fannie Mae and Freddie Mac Mortgage Insurance Master Policy Requirements
The Federal Housing Finance Agency (FHFA) announced on December 2, 2013 that they are overhauling the Fannie Mae and Freddie Mac Mortgage Insurance Master Policy Requirements. According to the news release published on December 2, the FHFA worked with the mortgage insurance industry to address and update “gaps in the existing master policy framework.” The release notes that the update will include key improvements in 4 areas:
- Loss Mitigation
- Claims
- Assurance of coverage
- Enhanced communication
Although no real details were given, the FHFA noted that “in the coming weeks, Fannie Mae and Freddie Mac will provide guidance to lenders and servicers regarding specific effective dates.”