SUPERSEDED — prior version (Selling Guide edition published May 6, 2026) — Fannie Mae Selling Guide B7-3-04 — Individual Property Insurance Requirements for a Unit in a Project Development

fnma-sel-b7-3-04-superseded-2026

SUPERSEDED — this is the PRIOR text of Fannie Mae Selling Guide B7-3-04 (Individual Property Insurance Requirements for a Unit in a Project Development), dated 12/14/2022, as published in the Selling Guide edition of May 6, 2026. Fannie Mae changed this topic: the edition published September 2, 2026 carries a revised text (LL-2026-03 (March 18, 2026) and SEL-2026-07 (August 5, 2026)). Fannie Mae requires the revised text for loans with application dates on or after July 1, 2026; before that date a lender may still have applied this text. Retained because a loan or exam period governed by the earlier text needs the version in force at the time.

Superseded — retained for reference. The operative requirements have moved to the current rule (see the description above).

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Verbatim regulatory text (1)

Verbatim provisions from SUPERSEDED — prior version (Selling Guide edition published May 6, 2026) — Fannie Mae Selling Guide B7-3-04 — Individual Property Insurance Requirements for a Unit in a Project Development — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

[SUPERSEDED] Fannie Mae Selling Guide B7-3-04 — Individual Property Insurance Requirements for a Unit in a Project Development

Effective 2022-12-14 · publisher's stamp for this provision

B7-3-04, Individual Property Insurance Requirements for a Unit in a Project Development (12/14/2022) Introduction This topic contains information on property insurance requirements for units in project developments, including: Overview Determining if an Individual Property Insurance Policy on a Unit in a Project Development is Required Coverage Requirements Determining the Required Coverage Amount Deductible Requirements Overview See Overview in B7-3-03, Master Property Insurance Requirements for Project Developments for additional information. Determining if an Individual Property Insurance Policy on a Unit in a Project Development is Required See Determining if a Master Property Insurance Policy is Required in B7-3-03, Master Property Insurance Requirements for Project Developments for determining when a master property insurance policy and/or an individual property insurance policy is required. Coverage Requirements See Coverage Requirements in B7-3-02, Property Insurance Requirements for One-to Four-Unit Properties, for the coverage requirements when an individual property insurance policy is required for a unit in a project development. See B7-3-08, Mortgagee Clause, Named Insured, and Notice of Cancellation Requirements for requirements applicable to a loan secured by a unit in a project development. Determining the Required Coverage Amount To the extent the master property insurance policy does not cover the interior or improvements of a unit in a project development, the borrower must maintain an individual property insurance policy. The lender or servicer must verify the coverage amount is sufficient to restore the unit to its condition prior to a loss event. Coverage sufficiency should be based on the best information known or available to the lender or servicer, which may include information obtained from the borrower, in collaboration with the insurer, the HOA or co-op corporation legal documents, or other professional with appropriate resources to make such a determination. Fannie Mae recommends that lenders and servicers encourage borrowers to closely collaborate with an insurance professional to determine their individual insurance needs. Deductible Requirements See Deductible Requirements in B7-3-02, Property Insurance Requirements for One-to Four-Unit Properties for deductible requirements when an individual property insurance policy is required for a unit in a project development.

Source: Fannie Mae Selling Guide B7-3-04 — Individual Property Insurance Requirements for a Unit in a Project Development · source URL · snapshot 5f7b8b79da595d76

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Source of record: https://claudeforcompliance.com/regs/fnma-sel-b7-3-04-superseded-2026/ · register fnma-sel-b7-3-04-superseded-2026 · verbatim, source-snapshotted regulator text from the Claude for Compliance corpus. To work from every register at once, download the corpus and follow the methodology.