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Fannie Mae is looking to change the way insurance is applied to borrowers who end up with force-placed insurance due to gaps in coverage. The GSE announced Tuesday that it has issued a request for proposals (RFP) inviting insurance companies to compete for Fannie Mae LPI business, which should lead to significantly reduced insurance costs. By reducing insurance costs, homeowners, taxpayers, and Fannie Mae are all said to save money. Fannie Mae also said it will provide servicers with new policy guidelines on when and how to secure LPI, as well as guidance regarding allowed reimbursable costs.
Read More »Fannie Mae to Change LPI Practices for Servicers
