Term

Guidance

Policies should have a term of at least 12 months.  For new Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. , a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). may be added mid-term to an existing 12-month policy.

You may accept a policy term of less than 12 months if the:

• shorter term is due to carrier
  • non-renewal, or
  • cancellation; or
• policy is
  • expiring, and
  • will be renewed for at least 12 months.