Mortgage Insurers
Fannie Mae's Congressional Charter requires credit enhancement on mortgage loans it acquires with unpaid principal balances in excess of 80 percent of the mortgaged property’s value. This requirement is usually met by the provision of private mortgage insurance.
Revised GSE Rescission Relief Principles
Under the direction of the Federal Housing Finance Agency (FHFA), in September 2018, Fannie Mae and Freddie Mac issued new Government-sponsored Enterprise (GSE) Rescission Relief Principles (Principles) to the Mortgage Insurers (MIs). Subsequently, the GSEs worked with the MIs to revise their master policies to incorporate the Principles and those polices were implemented effective March 1, 2020.
Amended and Restated GSE Rescission Relief Principles
PMIERs Guidance 2022-01
Under FHFA's oversight, Fannie Mae worked jointly with Freddie Mac to issue this new guidance effective June 30, 2022. This guidance includes updates related to corporate governance, foreclosure bidding instructions, and post-closing quality control reviews. It also revises several data elements in Exhibit B.
PMIERs Guidance 2024-01
Under FHFA’s oversight, Fannie Mae worked jointly with Freddie Mac to issue this new guidance effective on a phased-in schedule ending September 30, 2026. This guidance revises the available asset requirements to address the risk that on-balance sheet assets could lose value in a stress scenario. Under this guidance, specified assets are excluded, limited, or haircut for purposes of being counted as available assets and Exhibit H is introduced.
PMIERs Guidance 2024-02
Under FHFA’s oversight, Fannie Mae worked jointly with Freddie Mac to issue this amended guidance effective March 31, 2025. This guidance supersedes and replaces PMIERs Guidance 2021-01. Under this guidance, any remaining required asset relief for loans in COVID-19 forbearance agreements ends and the ongoing required asset relief for loans in disaster forbearance agreements is limited to 18 months following the date of the initial missed monthly payment.
Updated PMIERs
- Private Mortgage Insurer Eligibility Requirements (PMIERs)(including Exhibit A)
- Exhibit B: Operation Performance Scorecard
- Exhibit C: Monthly Claims Activity Report
- Exhibit D: Quarterly Portfolio and Financial Supplement
- Exhibit E: Annual Certificate of Compliance
- Exhibit F: Quarterly Portfolio Loan Level Dataset
- Exhibit G: GSE Rescission Relief Principles
- Exhibit H: Security Level Reporting Template
