NFIP Gets Seven-Day Extension

Nov 30, 2018

The House of Representatives and the Senate passed a seven-day extension of the National Flood Insurance Program (NFIP) last night, hours before its scheduled expiration today.

The Senate also approved a six-month extension of the program, which puts the onus on the House to pass a longer extension before the temporary measure expires on Dec. 7. In the event that there is no additional extension beyond Dec. 7, there can be no flood insurance policies issued under the program and homebuyers would be left in limbo if they rely upon federally-backed mortgages requiring NFIP coverage.

Sen. John Kennedy (R-LA), who has pushed for the six-month deadline extension, expressed frustration over Congress’ inability to resolve the NFIP issue.

“More than five million Americans rely on this program to protect their homes, families, and businesses,” said Sen. Kennedy in a statement. “I don’t have to drive home the importance of this program to anyone in Louisiana, where it is as essential as air. I am frustrated with the inefficiency in Washington that is causing us to extend the program again without long-term reforms, but families deserve to be protected.”

National Association of Realtors (NAR) Senior Vice President of Government Affairs of Shannon McGahn said, “NAR is relieved that authorization of the National Flood Insurance Program has not lapsed, as Congress moved last night to extend the program through December 7, and we urge the House and Senate to swiftly and purposefully work towards a more sustainable extension over the coming week.”

About the author

Phil Hall

Link copied

Published

Nov 30, 2018

Wholesale

UWM Ties $603 Million Hedge Loss To Failed Two Harbors Bid

The wholesale lender is raising $2.05 billion and suspending its dividend after the transaction contributed to a sharp quarterly loss and exposed balance-sheet pressure

United Wholesale Mortgage Chairman and CEO Mat Ishbia attributed a $603.2 million derivatives loss in the second quarter to an unusually large hedge established around UWM’s failed pursuit of Two Harbors Investment Corp., calling it a transaction-specific mistake that the co...

Opinion

The Real AI Deadline Isn’t August 6: What Mortgage Executives Should Be Preparing For Next

August 6 was an important contractual checkpoint. The more consequential deadline is the day a GSE, regulator, investor, warehouse lender, or plaintiff asks the institution to produce evidence that its AI governance actually worked

Across the mortgage industry, August 6, 2026, has been treated as the artificial-intelligence governance deadline. Now that the date has arrived, the harder question is what an institution must be prepared to prove on August 7 and every day thereafter.Fannie Mae’s governance...

Aug

Las Vegas, NV

More from

Regulation and Compliance

Servicers Begin Testing Systems Ahead of VA Partial Claim Deadline

VA lenders and servicers have until Nov. 28 to implement the new loss mitigation waterfall and Partial Claim Program

Regulation and Compliance

Aug 06, 2026

ROAD Act’s Housing Incentive May Be Too Small To Move Supply

Realtor.com finds the median city risks losing only about $84,000, although the policy could carry more weight in supply-starved Northeast and Midwest markets

Regulation and Compliance

Aug 05, 2026

CRA Proposal Could Reshape Bank Lending And Affordable Housing Investment

The OCC and FDIC would put more weight on lending while easing community development requirements for hundreds of banks

Regulation and Compliance

Aug 05, 2026

Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place

Regulation and Compliance

Jul 31, 2026

Condo Review Deadline Puts Lenders On The Clock

Fannie Mae and Freddie Mac will eliminate abbreviated project reviews for condo applications dated on or after Aug. 3