Fannie Mae Flood Insurance Coverage Requirements Clarification

March 30, 2016

March 30, 2016 On March 29th, Fannie Mae issued Ann. SEL 2016-03 in part to clarify Project Development flood insurance coverage requirements found in the Selling Guide. The Selling Guide is revised as follows: Fannie Mae clarified that flood insurance is not required for equipment and machinery that are owned in common by the association, […]

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FEMA Updates Roles for High Deductibles & Cancellation Receipt Date Procedures

March 30, 2016

March 30, 2016 On March 23, 2016, FEMA issued a bulletin pertaining to required disclosures when a homeowner chooses up to a $10,000 deductible and changes to how the “receipt date” will be determined when an insurer receives a Cancellation/Nullification Request from a policyholder. The bulletin provides as follows: Deductible Disclosure Effective November 1, 2015, […]

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Maryland Insurance Administration Releases Bulletin January 26, 2016

January 27, 2016

In response to the severe winter storm, the Maryland Insurance Administration issued Bulletin 16-05 addressing cancellations of insurance policies. Unlike other recently released bulletins that required moratoriums on cancellations of insurance policies, this bulletin “encourages” insurers to offer reasonable accommodations to impacted policy holders, including, but not limited to, grace periods for payment of premiums.

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Fannie Mae Updates Flood Insurance Requirements

August 27, 2015

On August 12, 2015, Fannie Mae announced revisions to several flood insurance requirements that must be implemented no later than November 1, 2015.  A summary of those changes is listed below. Detached Structures If a non-residential detached structure attached to the land that serves as part of the security for the mortgage loan is located […]

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Massachusetts Finalizes Flood Regulations

August 27, 2015

The State of Massachusetts has finalized its new flood insurance regulations for properties located in the state that will affect both borrower obtained policies and lender-placed flood insurance policies.  The new regulations will become effective September 11, 2015. In summary, the Massachusetts regulations provide: A creditor, as defined under Massachusetts law, may not require a […]

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New Florida Law Addresses Private Flood Insurance Policies

July 5, 2015

The lending industry generally has a difficult time assessing whether a private policy meets or exceeds NFIP requirements because the process requires a full policy review and is very cumbersome.  A new Florida law is designed to address this issue and gives lenders an additional way of verifying that a private flood insurance policy is […]

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Nevada Revises HOA “Super Lien Laws”

June 28, 2015

The State of Nevada adopted important changes to its law that will help lenders protect their liens from being extinguished by a homeowner association’s (HOA) super priority lien. To read more, please log into Compliance Resources and view article under Federal, State & Agency Resources.

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Compliance Update: Mandatory Flood Insurance Requirements Revised for Detached Structures

May 26, 2015

Proper flood insurance coverage for low value, detached structures (also known as appurtenant structures), such as sheds and pole barns, has been problematic for lenders and borrowers.  The Homeowner Flood Insurance Affordability Act of 2014 (“HFIAA”) revised the Flood Disaster Protection Act of 1973 changing the mandatory flood insurance requirements on detached structures.   According to […]

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OCC Issues Updated RESPA Booklet

April 16, 2015

On April 14, 2015, The Office of the Comptroller of the Currency (OCC) issued its revised Real Estate Settlement Procedures Act booklet. According to the OCC Bulletin 2015-25, the “Real Estate Settlement Procedures Act” booklet of the Comptroller’s Handbook replaces the booklet issued in back in October 2011 and provides updated information including recent changes […]

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