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FHFA Proposes Restrictions on Lender-Placed Insurance Restrictions – IBA Compliance Connection

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FHFA Proposes Restrictions on Lender-Placed Insurance Restrictions

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The Federal Housing Finance Administration (FHFA), the conservator of Fannie Mae and Freddie Mac, has proposed new restrictions on force-placed property insurance.The proposal prohibits sellers and servicers from receiving sales commissions for doing business with particular insurance providers or from affiliated reinsurers. The FHFA previously rejected a related Fannie Mae plan that required lenders to use only Fannie-approved insurers.