House passes flood bill extension – NMP Skip to main content

House passes flood bill extension

NationalMortgageProfessional.com
Jun 25, 2010

A bill to extend the authority for the National Flood Insurance Program (NFIP) to Sept. 30, 2010 has been passed by the U.S. House of Representatives. Lenders have refused to close loans on properties that required flood insurance, since the insurance program expired May 31. The bill would make flood insurance coverage retroactive and would include all approved applications since that date. The bill heads to the U.S. Senate for their vote. Several industry trade associations recently submitted a letter to Congress urging them to immediately reauthorize the NFIP, which expired May 31. It is estimated that more than 1,350 closings per day are affected by the lapse in the NFIP, according to the Federal Emergency Management Agency (FEMA) and the National Association of Realtors (NAR).
Published
Jun 25, 2010
Forum Calls For More Inclusive Access to Homeownership

FHFA, policy experts, and journalists join NAR-Urban Institute discussion on accessibility and affordability challenges.

Regulation and Compliance
May 23, 2022
CRA Impact May Not Be As Profound As Feared

CFPB Director Rohit Chopra tells MBA conference changes shouldn’t be difficult

Regulation and Compliance
May 17, 2022
A UDAAP Expansion

The CFPB’s new memo about consumer complaints

Regulation and Compliance
May 17, 2022
Builders, Lenders Praise Biden Plan To Improve Housing Supply

'Housing Supply Action Plan' seeks to improve affordability by increasing housing inventory over the next five years.

Regulation and Compliance
May 17, 2022
Trigger Leads Could Be Outlawed In Mortgage Industry

N.Y. congressman says selling the information increases risk of fraud, ID theft.

Regulation and Compliance
May 17, 2022
Georgia Governor Signs New Mortgage Licensing Law

Lessens impact on hiring of out-of-state employees with criminal records

Regulation and Compliance
May 10, 2022