Mortgages Analyzed
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Mortgages Analyzed
 
Notice Of Servicer's Identity

What is Notice Of Servicer's Identity?

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.

Source :www.MortgagesAnalyzed.com

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
Source :www.MortgagesAnalyzed.com

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.

Source :www.MortgagesAnalyzed.com

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.

Source :www.MortgagesAnalyzed.com
 

Document Summary

 
Notice Of Servicer's Identity
Purpose
The purpose of the notice is to enable the flood insurance provider to update the mortgagee endorsement on the insurance policy.
Use in Mortgages
The notice is designed to meet the federal flood regulations that require the servicer to inform the insurance provider of the identity of the servicer of the loan.
Other Names
  • Notice Of Servicer's Identity
  • Notice To FEMA
Type
Letter
Provided By
Servicer
Provided To
Flood Insurance Company
Notarization Required
No
Signed By
None
Life Cycle Stage
Servicing
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.
Model Form
None
Applicable Laws
FRB Regulation H - 12 CFR 208.25 (j)
Source :www.MortgagesAnalyzed.com
 

Updated: Feb 25, 2016

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Notice Of Servicer's Identity informs the insurance carrier the identity of the loan servicer
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