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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.
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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