SECTION 330:15-3-13. Borrower's insurance requirements

  The actual insurance requirements for each program and for the origination of mortgages under each program shall be set as the Trustees may determine to be necessary under the market conditions prevalent at the time the program is being developed, and as may be determined by the Trustees in their discretion at the time of finalization of the program. Such insurance requirements shall be at least as required by the referenced underwriting standards adopted for the program in question. By way of illustration, and not as a limitation, such insurance requirements may include one or more of the following types of insurance:

(1)   Mortgage Insurance - FHA, VA, FmHA and/or Private Mortgage Insurance (PMI)

(2)   Hazard Insurance

(3)   Flood Insurance, as required in accordance with the Federal Emergency Management Agency (FEMA) Maps and/or Mortgage Insuror requirements.

(4)   Municipal Bond Insurance, Interest Rate Caps, Pool Policies and other types of insurance or guarantees required in order to market bonds to finance the program.