On Friday, June 29, 2018, the U.S. Senate, by a vote of 86-1, passed a bill that also contained an amendment to prevent the NFIP from expiring at the end of July during what is traditionally the middle of the hurricane season. The amendment would extend the NFIP for six months.
“Our entire organization was humbled by the rapid and intentional response by our members, the community and most importantly the U.S. Senate to ensure people are protected when flooding disasters strike,” said John G. Stevens, President of NAMB. “Our entire national network of members and our aggressive internal team working on legislative initiatives will continue to its efforts to enact changes that protect our industry and consumers. This is a short-term solution to a long-term problem but, for the immediate future, resolves the issue on flood insurance. NAMB is dedicated to keeping the entire mortgage community aware of the progress within this initiative and I encourage people to keep up-to-date on NAMB’s additional legislative work."
NAMB is dedicated to making it easy for members and the community to stay connected with its legislative activities by invited all interested parties to review NAMB’s Legislative Action Center which contains pertinent information.