Fannie Mae Mortgages and Mortgage Insurance

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Fannie Mae today announced the restriction of a mortgage insurer going forward that will not be allowed to use these 2 companies to insure homeowners mortgages. The link to the notice can be found here. Mortgage insurance is a very important topic for homeowners as well as buyers. Without mortgage insurance or the proper company Fannie Mae as well as many in the private lending industry will not allow mortgages to be taken out, resold or otherwise held. There is a saying in real estate that under all is land, but overall is INSURANCE. Proper insurance is a critical issue for homeowners as well as future homebuyers. Homeowners and buyers should consult with their mortgage professionals on a regular basis to make sure they have the proper insurancs in place and are dealing with the most currently approved insurance companies that will be acceptable through their lender.

A mortgage professional can assist with picking a mortgage insurer but the consumer can also shop around to find the best coverages themselves. Fannie Mae does have resources available on their website to assist with guidance in this area. With the end of the "80/20 mortgage" mortgage insurance is an increasingly important expense to keep aware of for all consumers.
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