Flood Insurance

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The continuing resolution passed by Congress late last week provides for an extension of the National Flood Insurance Program (NFIP) until March 14, 2025. While the mortgage industry has for years advocated for a long-term authorization of the NFIP, Congress has not done so and has provided for temporary authorizations of the NFIP in short-term and end-of-year appropriations measures.… Continue Reading

The National Flood Insurance Program’s authorization to write new policies will expire December 20, unless Congress acts to extend it.

An extension had been included in the Continuing Resolution that the House and Senate were poised to consider this week. That legislation would have funded many federal programs until March 14.… Continue Reading

The Federal Emergency Management Agency (FEMA) has announced it will allow National Flood Insurance Program (NFIP) premiums to be paid on an installment basis. The final rule implements an installment payment option that was mandated by Congress in the Biggert-Waters Flood Insurance Reform Act, adopted in 2012, for policyholders who are not required to pay into escrow for flood insurance premiums. … Continue Reading

The House and Senate on September 25, 2024 passed legislation that would extend key parts of the National Flood Insurance Program (NFIP) until December 20, 2024. The extension is included in H.R. 9747, which also would provide funds for much of the federal government to keep operating until that date.

President Biden has said he will sign the legislation.… Continue Reading

The National Flood Insurance Program’s authorization to issue new flood insurance contracts will expire on Sept. 30 unless Congress votes to extend it.

Congress has been unable to enact a long-term extension of parts of the program. Traditionally an extension of the authorization to write new insurance contracts has been included in short-term and end-of-year appropriations measures.… Continue Reading

The U.S. Department of Housing Urban Development (HUD) recently issued a final rule permitting the use of private flood insurance policies with FHA-insured mortgage loans.  HUD also issued Mortgagee Letter 2022-18 addressing with regard to FHA-insured loans general flood insurance requirements, flood insurance requirements for condominiums, manufactured homes and home equity conversion mortgage (HECM) loans (i.e.,… Continue Reading

The U.S. Department of Housing Urban Development (HUD) announced a proposed rule to permit the use of private flood insurance policies with FHA mortgage loans. As previously reported, in February 2019 federal regulators issued a joint final rule (the “Joint Final Rule”) to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (the “Act”) that require regulated financial institutions to accept private flood insurance policies.… Continue Reading

As previously reported, unable to agree on long-term reforms for the National Flood Insurance Program (NFIP), at the end of last year Congress extended the NFIP through September 30, 2020, which is the end of the current federal government fiscal year. With that date looming, in a letter to majority and minority leaders in the U.S.… Continue Reading

Recently federal agencies proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance. The agencies are the Comptroller of the Currency, Farm Credit Administration, FDIC, Federal Reserve Board, and National Credit Union Administration.

The proposed revisions would (1) revise and reorganize the existing Q&As into new categories by subject to enhance clarity and understanding for users, and (2) introduce new Q&As on the escrow of flood insurance premiums, force placement of flood insurance, and the detached structures exemption.… Continue Reading