Evidence of Property Insurance

Overview

Underwriters must follow the requirements below for documenting and retaining evidence of property insurance policies:

• The underwriter must verify the existence of a valid insurance policy that meets Homium’s requirements. Information related to the policy should be passed on to the servicer, when applicable.

• The underwriter must retain acceptable evidence of insurance for each required policy, which includes sufficient information about the insurance policy, the subject property, and the borrower to ensure compliance with Homium’s requirements for a mortgage.

• The servicer must ensure on an annual basis that any property insurance policy for a one- to four-unit property or a unit in a project development meets Homium’s requirements.

Note: If an underwriter is unable to determine whether the applicable insurance policy meets Homium’s requirements, the associated loan is not eligible for a Homium mortgage.