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SVC 12-17: Updates to Hazard Insurance Coverage Policy

Fannie Mae’s Servicing Guide Announcement 2012-17 was released to provide additional guidance to servicers regarding the continuation or cancellation of hazard insurance coverage. Previously, servicers were required to cancel hazard insurance coverage within 14 days after a foreclosure sale.  However, effective October 1, 2012, Fannie Mae will require servicers to cancel hazard insurance coverage within 14 days after the property has been inspected and is confirmed vacant by the broker, agent, or property management company.

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