Notice Of Servicer's Identity is a letter from the servicer to the flood insurance provider to inform the insurance carrier of the identity of the loan servicer. The purpose of the notice is to enable the flood insurance provider to update the mortgagee endorsement on the insurance policy. The notice is designed to meet the federal flood regulations that require the servicer to inform the Director of FEMA, or the Director's designee of the identity of the servicer of the loan. The Director of FEMA has designated the insurance carrier to receive notice of the servicer's identity.
The notice must be provided every time the lender makes, increases, extends, renews, sells, or transfers a loan secured by a property or mobile home located or to be located in a special flood hazard area.
The Notice Of Servicer's Identity typically contains the information listed below.
The Notice Of Servicer's Identity must be provided every time you make, increase, extend, renew, sell, or transfer a loan secured by a property or mobile home located or to be located in a special flood hazard area. At the time of origination, the letter is sent when the loan has closed.
As a matter of best practice, we recommend you maintain a copy of the Notice for the period of time that you own the loan and for a reasonable period of time after you have sold or transferred the loan.
The letter is sent by the loan servicer to the insurance provider. You will not receive a copy of the letter and you have no obligation to take any step.
Updated: Feb 25, 2016