Does the administrator of FEMA (insurance company) have to be notified in the event of a merger of two banks, if the servicing of the loans did not change? The name did change (so the loss payee/mortgagee clause will not be accurate) but the servicing remained with the same servicer, at least until the loans are transferred to the new servicer, at which point, the notice of change in servicer will be provided to the Administrator of FEMA for identified loans.

I did review the Q&As (including the most recent updates) and could not find this exact scenario, but could have missed it.

Thank you.

Loss payee/mortgagee designation is a safety and soundness issue. But from a risk standpoint, under what scenario would you not do this for all insurance policies currently required to be maintain by your customers? On a NFIP policy, if you are a valid mortgage holder, you are a loss payee whether or not specifically named in the policy. That may or may not be true for other insurance policies.

"Any loss payable under Coverage A - Building Property will be paid to any mortgagee of whom we have actual notice as well as any other mortgagee or loss payee determined to exist at the time of loss, and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence of the mortgages. "