What is an ACORD 28 for a condo master policy?

An ACORD 28 is the Evidence of Commercial Property Insurance form shops use as a certificate of the condo master. Fannie Mae Selling Guide B7-3-07 (08/05/2026) wants a copy of the current master, or a certificate showing the unit is covered, signed by the insurer.

This is for the processor or processing manager at an independent mortgage bank on Encompass whose HOI row is still open prior to docs because the master certificate is missing, unsigned, or has this lender typed on as mortgagee. The counterparty is the HOA or its commercial agency, not the unit HO-6 agent. Pull the conditions list, the unit address, and whatever master PDF is already in the eFolder.

An ACORD 28 is a certificate of the master

The current form is ACORD 28 (2016/03 edition, read 2026-10-12). Across the top it prints that this evidence is issued as a matter of information only, confers no rights on the additional interest named below, and does not amend the policies listed. Fannie’s single-family Guide does not name ACORD 28. It names a valid master, or a certificate of property insurance that shows the unit is covered.

The HOA master is a commercial property policy. That is why shops ask for a 28 and not an ACORD 27 (the residential evidence form) or an ACORD 75 (Insurance Binder). What an insurance binder should include for a mortgage is the unit document. This page is the master certificate.

Document	What it is	What the underwriter can do with it
ACORD 28	One-page evidence of the HOA’s commercial property policy	Clear the master row if the fields below are on it and the insurer signed
Copy of the current master, or the master declarations page	The policy itself	Same. B7-3-07’s first option
Unit HO-6 binder or declarations page	The borrower’s unit policy	Does not prove the master. Condo HO-6 walls-in coverage is that row
ACORD 75	Temporary contract pending a new policy	Usual unit document on a purchase, not the master
Quote or proposal	Not bound	Bounce

Fannie wants the unit covered; it does not name ACORD 28

Fannie Mae Selling Guide B7-3-07 (08/05/2026) says obtain a copy of the current master, or a certificate showing the subject unit is covered. A certificate is acceptable if it has the information needed to tell whether the insurance meets the Guide, and it is signed by the insurer. If the lender cannot tell, the loan is not eligible for Fannie Mae purchase. An agent-only signature is the usual bounce.

Freddie Mac Guide 8202.4 (read 2026-10-12) accepts a copy of the policy, or a certificate, evidence, or declarations of insurance that shows named insured and mortgagee, property address, type, amount and dates, deductible, and at least 10 days’ cancel notice. The ACORD 28 cancel block only says notice will follow the policy provisions. Ask the master agent for the 10-day language on a Freddie file. Fannie B7-3-08’s cancel-notice rules do not apply to master policies, so do not bounce a Fannie file solely for that boilerplate.

HUD Handbook 4000.1 (read 2026-10-12) wants a certificate of insurance or a complete copy of the master, plus form HUD-9991. Named insured is the Condominium Association.

The unit lender does not go on the master as mortgagee

B7-3-08 (12/14/2022) puts the standard or union mortgagee clause on the unit owners policy. A mortgagee clause naming Fannie Mae, the lender, or the servicer is not required for a master. The master names the HOA. What is required in a mortgagee clause is the unit line.

The ACORD 28 still has an Additional Interest block with Mortgagee, Lender’s Loss Payable, Loss Payee, and Contract of Sale. Checking mortgagee and typing this lender is overlay, and the HOA’s producer often refuses it. On r/loanoriginators in July 2025, a processor needed the bank on an ACORD 28. The producer refused to add the lender to the master. Another processor said to put the borrower’s name, unit address, loan number, and mortgagee clause on the unit binder, not on the whole master. That is the Fannie split. Ask for the certificate that shows this unit.

What a mortgage lender needs from the homeowners insurance agent before closing is the rest of the packet. This page is the master row.

What to read on the form

Ask the HOA or its agency for a current ACORD 28, or the master declarations, showing this unit. Send the unit address in the first email. The loan number on the 28 sits next to the policy number; shops overlay the unit loan number there. It is not a Fannie field on the master.

Field	Why the desk reads it
Named insured: the HOA	B7-3-08. A unit borrower as named insured is the wrong policy
Location / description with this unit	B7-3-07: the certificate has to show the subject unit is covered
Policy number, effective date, expiration	Coverage in force on or before closing
Perils insured: Special, or at least Broad	B7-3-03 (08/05/2026). Basic is short
Commercial property coverage amount	At least 100% of estimated replacement cost of the project improvements
Deductible	Per occurrence at or under 5% of that amount. Per-unit at or under $50,000
Replacement cost (and agreed value, if checked)	Loss settlement, except roofs. Not, by itself, proof of 100% of RCV
Coinsurance	HUD 4000.1 wants an agreed-amount endorsement, agreed-value option, or 100% of insurable replacement cost if a coinsurance clause is present
Authorized representative	B7-3-07: signed by the insurer

If the policy renews within about two months of closing, many shops ask for the next term. That window is overlay. B7-3-03 also wants ordinance-or-law coverage unless it is not obtainable, and equipment-breakdown coverage when the project has central heating or cooling.

Replacement cost on the form is not 100 percent of RCV

B7-3-03 wants the master coverage amount at least equal to 100 percent of the estimated replacement cost of the project improvements, including common elements and residential structures. Loss settlement is replacement cost, except roofs. The lender may rely on any one of guaranteed replacement cost or equivalent, extended replacement cost or equivalent, a replacement-cost value estimate from the insurer, the project’s insurance risk appraisal, or a statement from the insurer or another professional with the expertise to say so.

The ACORD 28 has Yes / No / N/A boxes for Replacement Cost and Agreed Value. Checking Replacement Cost tells you how a covered loss settles. It does not, by itself, document that the dollar limit equals 100 percent of RCV. If the form is silent on that, ask the master agent for one of those five items.

Unaffiliated projects may not share a master unless the policy dedicates a coverage amount to this project that covers its full replacement cost. On r/Insurance in July 2022, a lender flagged a master in a shared-limit program after the ACORD notes said “co insurance - none.” Shared limits across unaffiliated projects fail B7-3-03. Chase the HOA, not the unit agent.

What to bounce, and what to leave off

Item	Why it delays or fails
No master certificate or policy	B7-3-07
Certificate that never names this unit	B7-3-07 wants the subject unit covered
Agent-only signature	B7-3-07: signed by the insurer
Unit HO-6 sent as the master	Wrong policy. The master names the HOA
This lender added as mortgagee on the master	Overlay. B7-3-08 does not require it. Put the clause on the HO-6
ACORD 25 (liability) sent as property evidence	Wrong form
Quote or expired master	Coverage is not in force
Using the HO-6 to paper a master below 100% replacement cost	B7-3-03
Shared-limit master across unaffiliated projects with no dedicated limit	B7-3-03

Pull the condo files that still have an open master or HOI condition. Read the header of whatever the association sent: ACORD 28, master declarations, or a quote. If the named insured is the HOA, the location shows this unit, Special or Broad is checked, dates run through closing, and an authorized representative signed it, mark the master row fulfilled and keep the HO-6 on its own condition. If the form is unsigned, the unit is missing, or the desk is still waiting for this lender to be added to the master, resend the same ask to the HOA’s agency that afternoon and log the sent date on the file.