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FHFA Restricts Force-Placed Insurance

Posted on 11/6/2013

The Federal Housing Finance Agency (FHFA) yesterday directed Fannie Mae and Freddie Mac to prohibit servicers of their mortgages from being reimbursed for expenses associated with force-placed insurance. While not limiting the price of force-placed insurance, the rule prevents servicers from collecting commissions when they place insurance with particular sellers.

"FHFA remains concerned about the cost of lender-placed insurance for Fannie Mae, Freddie Mac, and consumers," said FHFA Acting Director Edward DeMarco. "One of our primary responsibilities as conservator of Fannie Mae and Freddie Mac is to preserve and conserve their assets on behalf of taxpayers. This directive is intended to reduce their costs as we consider additional measures."

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