413.03

Flood Map Changes; Obtaining Flood Insurance

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must monitor all flood map and community status changes, and take appropriate action when changes affecting Mortgage Loans Mortgage 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. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 it services occur.  When a Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is remapped into a Special Flood Hazard Area Special Flood Hazard AreaSpecial Flood Hazard Area designated by FEMA. , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must require the Borrower BorrowerPerson who is the obligor per the Note. to obtain flood insurance, regardless of whether the community is “participating” in the National Flood Insurance Program National Flood Insurance ProgramProgram of flood insurance coverage and floodplain management administered under the National Flood Insurance Act. . 

The flood insurance must:

If the Borrower BorrowerPerson who is the obligor per the Note. refuses to obtain the required coverage or pay a disputed premium, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must obtain the required coverage.  The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must contact Multifamily Insurance Multifamily InsuranceTeam that can be contacted at [email protected]. if:

  • a Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is mapped into a Special Flood Hazard Area Special Flood Hazard AreaSpecial Flood Hazard Area designated by FEMA. ;
  • the community in which the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is located does not participate in the National Flood Insurance Program National Flood Insurance ProgramProgram of flood insurance coverage and floodplain management administered under the National Flood Insurance Act. ; and
  • the Borrower BorrowerPerson who is the obligor per the Note. cannot obtain the required flood insurance.

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must:

  • complete the most recent version of the Standard Flood Hazard Determination Form issued by FEMA FEMAFederal Emergency Management Agency ;
  • include in the Servicing File Servicing FileYour file for each Mortgage Loan serviced. a:
    • copy of the form; and
    • signed copy of Notice to Borrower of Special Flood Hazard and Federal Assistance; and
  • require the determination firm, and any monitoring company, to notify the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. whenever a flood zone change occurs.

To remove a Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). /building from an SFHA SFHASpecial Flood Hazard Area designated by FEMA. , only an updated FEMA Standard Flood Hazard Determination Form (SFHDF) based on the following is acceptable:

  • Letter of Map Amendment (LoMA);
  • Letter of Map Revision (LoMR); or
  • Letter of Determination Review (LoDR).