What is Notice Of Servicer's Identity?

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.

Contents of Notice Of Servicer's Identity

The Notice Of Servicer's Identity typically contains the information listed below.

1. Borrower’s name
2. Insurance policy number
3. Property address
4. Name and contact information of the lender/servicer
5. A statement that the letter is being provided to inform the insurance provider of the identity of the servicer

Lender's Considerations

Timing of the Letter

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.

Recordkeeping

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.

Borrower's Considerations

No Action Needed

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.

Document Summary

Sample Documents

1. Sample Notice Of Servicer's Identity

External Links

1. FRB Regulation H - Loans in areas having special flood hazards. 12 CFR 208.25

Updated: Feb 25, 2016