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

Analysis and Data

Home Sellers Lose Pricing Power As Homes Now Sell Below Asking

New data shows sellers who miss the market on pricing are paying a growing penalty, while buyers gain leverage in many regions

A new report from Realtor.com found that the average home is now selling below its asking price, marking a significant shift from the pandemic-era housing market when bidding wars routinely pushed sale prices above list price.The report suggests today's market rewards seller...

Analysis and Data

More Than Half Of Buyers Say They'd Purchase A Home Without Human Help

Veterans United survey highlights growing consumer trust in AI-powered mortgage guidance, lender shopping, and document management

A growing share of homebuyers appear ready to hand more of the mortgage process over to artificial intelligence.More than half of prospective homebuyers (53%) say they would be comfortable purchasing a home without any direct human involvement, according to a new survey from...

Jul

Chandler, AZ

More from

Regulation and Compliance

MISMO Launches AI Governance Framework For Mortgage Lenders

New FRAME toolkit gives lenders, servicers, and technology providers a roadmap for managing AI risk while supporting innovation

Regulation and Compliance

Jun 11, 2026

CFPB Tells Lenders Immigration Status Can Factor Into ATR Analysis

CFPB frames immigration status as a potential ability-to-repay factor when future U.S.-based income is at risk

Regulation and Compliance

Jun 10, 2026

UAD 3.6 Deadline Nears; First American Earns Verification

First American's ACI Sky Workbench gains verification ahead of the Nov. 2 implementation date for the GSEs' updated appraisal reporting requirements

Regulation and Compliance

Jun 08, 2026

MISMO Introduces New Loan Boarding Standard

Wrapper Files support standardized data transfers between origination and servicing systems, with potential savings of $60 to $160 per loan

Regulation and Compliance

May 29, 2026

The GLBA Compliance Gap Your AI Deployment Just Opened

Old statutes, new models, and the vendor contract you signed before machine learning became operational

Regulation and Compliance

May 26, 2026

FHA Keeps Tri-Merge Credit Reports While Expanding Approved Scoring Models

HUD says FHA lenders will continue using three-bureau credit reports even as the agency adopts newer scoring models aimed at increasing competition and modernizing mortgage underwriting

Regulation and Compliance

May 26, 2026

Popular