Cx999 and Cx18541 are provided pursuant to the provisions of Cal. Civ. Code § 2954.6 and Wash. Rev. Code Ann. § 61.10.020(1), respectively. Both documents are dynamic and explain, in detail, the mortgage insurance cancellation requirements set forth by applicable Federal and State laws, FNMA and FHLMC requirements, and state housing requirements (for more details, please click here and here). The disclosures concerning FNMA’s requirements were based on the provisions of FNMA Single Family Servicing Guide Part II, ch. 1.
Recently, FNMA published a new Servicing Guide which substantively retains their current cancellation requirements, but which modifies the language of such requirements and their location within the Guide. Therefore, we will be modifying the FNMA mortgage insurance cancellation disclosures within Cx999 and Cx18541 to more closely match the new language, as well as update the citation to these requirements to FNMA Single Family Servicing Guide B-8.1-04 & F-1-02.
Due to the impending holiday, our announcement waiting period will be extended slightly to allow more time for clients to respond. Consequently, these changes will not take effect until December 2, 2014. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
November 21, 2014