Fannie Mae and Freddie Mac have cooperatively crafted an update to their requirements for mortgage insurance on the mortgages they buy, the Federal Housing Finance Agency announced yesterday.
"Updating the mortgage insurance master policy requirements is a significant accomplishment for Fannie Mae and Freddie Mac," said FHFA Acting Director Ed DeMarco. "The new standards update and clarify the responsibilities of insurers, originators and servicers and they enhance the insurance protection provided to Fannie Mae and Freddie Mac, which ultimately benefits taxpayers."
Pending review from insurance regulators in each state, the two secondary mortgage market giants expect that the changed requirements will go into effect sometime in 2014, depending on when each state's regulator's approve the changes, the regulator said.
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