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Regulation X- Force Placed Insurance Letters

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  • #4086
    cjernigan1211
    Participant

    Under the new force placement rules for hazard insurance, there are four different letters for various situations. Luckily there are model forms we can use. When using model forms MS-3(B) or MS-3(C), should we use a differnent form depending on the situation or can model form MS-3(B) be used every time as the second and final notice. Thanks for your help.

    #4092
    rcooper
    Keymaster

    MS-3B should be used when you haven’t received any information from the borrower indicated they had or have insurance in place. MS-3C is to be used when you have received some information from the borrower pertaining to insurance; however, the information isn’t complete and/or shows lapsed periods, etc..

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