Skip to main content

MBA and Waters Question FEMA’s NFIP Decision

Dec 28, 2018
President Trump has signed a continuing resolution that extends the National Flood Insurance Program (NFIP) until Nov 21

The Mortgage Bankers Association (MBA) is the latest trade organization to criticize a decision by the Federal Emergency Management Agency (FEMA) not to approve or renew flood insurance policies under the National Flood Insurance Program (NFIP) while the federal government is in the midst of a partial shutdown.
 
“I respectfully ask officials at FEMA to reconsider their decision not to issue new NFIP policies or renew existing policies during the current shutdown,” said Robert D. Broeksmit, MBA President and Chief Executive Officer. “We have heard concerns from some MBA members that the inability to secure the required flood insurance may jeopardize loan closings. FEMA should reverse its decision. The longer this shutdown goes on, the more disruptive this decision will be.”
Also criticizing the decision was Rep. Maxine Waters (D-CA), the incoming Chairwoman of the House Financial Services Committee.
 
“I urge FEMA to immediately reconsider this harmful and incorrect interpretation of its authority and resume its important work of providing flood insurance to families across the country,” said Waters in a statement.

 
About the author
Published
Dec 28, 2018
Mortgage Servicers Added To Junk-Fee Naughty List

New release from CFPB lays out areas of improvement, and concern, for mortgage servicers.

In Wake Of NAR Settlement, Dual Licensing Carries RESPA, Steering Risks

With the NAR settlement pending approval, lenders hot to hire buyers' agents ought to closely consider all the risks.

A California CRA Law Undercuts Itself

Who pays when compliance costs increase? Borrowers.

CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

Fannie Mae Weeds Out "Prohibited or Subjective" Appraisal Language

The overall occurrence rate for these violations has gone down, Fannie Mae reports.

Arizona Bans NTRAPS, Following Other States

ALTA on a war path to ban the "predatory practice of filing unfair real estate fee agreements in property records."