Skip to main content

NAMB Seeks Member Input in Reauthorizing NFIP

Nov 27, 2019
Photo credit: Getty Images/KSwinicki

NAMB has sent out a message to its membership base to actively lobby their federal legislators to reauthorize the National Flood Insurance Program (NFIP) ahead of its scheduled expiration on Dec. 20 at 11:59 p.m. EST.
 
NAMB has sent out a message to its membership base to actively lobby their federal legislators to reauthorize the National Flood Insurance Program (NFIP) ahead of its scheduled expiration on Dec. 20 at 11:59 p.m. ESTThe trade group teamed with the Florida Association of Mortgage Professionals (FAMP) in seeking industry input on this issue–the Sunshine State has more property owners with NFIP than any other state. NAMB and FAMP stated their support of NFIP and a “robust private market to offer choices and maintain access to flood insurance in all markets.”
 
NAMB also pointed to National Association of Realtors (NAR) estimates that a lapse in the program could impact approximately 40,000 home sale closings per month.
 
“FEMA and Congress have never failed to honor the flood insurance contracts in place with NFIP policyholders,” NAMB said in its message to its members. “Should the NFIP’s authorization lapse, FEMA would still have authority to ensure the payment of valid claims with available funds. However, FEMA would stop selling and renewing policies for millions of properties in communities across the nation.”

 
About the author
Published
Nov 27, 2019
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."

Kentucky Legislature Passes Bill Banning NTRAPS

The new law prohibits the recording of NTRAPS in property records, creates penalties if NTRAPS are recorded, and provides for the removal of NTRAPS currently in place.