NFIP Reauthorized to March 23, 2018

February 9, 2018

After a brief government shutdown overnight, Congress passed a $400 billion budget deal that was signed into law by President Trump this morning. As a result, the National Flood Insurance Program (NFIP) was extended to March 23, 2018. In addition, a few other provisions of the deal include: Increased funding for military and other domestic […]

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Congress Expected to Vote on Budget Bill to Avert Shutdown

February 9, 2018

With the potential of another government shutdown looming, the Senate rejected a House-amended, stand-alone military funding bill that included a six-week extension of authority for FEMA’s National Flood Insurance Program (NFIP). Bipartisan efforts will now focus on gathering enough votes today to advance the separate budget deal, proposed by the Senate, which would keep the […]

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NFIP Authority Reinstated to February 8, 2018

January 23, 2018

After a three-day government shutdown, Congress passed another short-term continuing resolution bill, H.R. 195, which was signed into law by President Trump on Monday. This bill re-opens the federal government and renews authorization for the National Flood Insurance Program (NFIP) through February 8, 2018. Proctor will continue to monitor this topic and provide updates as […]

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National Flood Insurance Program Lapse in Authority

January 22, 2018

Despite the actions by the House Thursday evening to avert a government shutdown, ultimately the Senate blocked the House-passed continuing resolution bill Friday. As a result, the Senate is expected to vote today on a measure that would restore government funding through February 8, 2018. Proctor would like to draw attention to guidance previously issued […]

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Repeal of Grace Period in Puerto Rico

January 12, 2018

Previously, due to the catastrophic effects of Hurricane Maria, the Office of the Commissioner of Insurance in Puerto Rico had issued ruling letters providing a grace period for the payment of premiums and a temporary postponement of cancelation of policies that expire for non-payment during the declared state of emergency. Due to recent successful recovery […]

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FEMA Prepares for Potential NFIP Lapse

January 5, 2018

Although Congress reauthorized the National Flood Insurance Program (NFIP) through January 19, 2018, there is still some uncertainty surrounding the fate of the program. After multiple extensions, legislators have been unable to reach a long-term agreement. In preparation for a possible lapse in the program’s authority, FEMA issued guidance regarding information on new policies and […]

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Fannie and Freddie Disaster Relief Update – Puerto Rico and U.S. Virgin Islands

December 27, 2017

Effective immediately, Fannie Mae and Freddie Mac have announced a temporary suspension of foreclosure sales for properties located within FEMA-declared, Individual Assistance eligible disaster areas in Puerto Rico and the U.S. Virgin Islands impacted by hurricanes Irma and Maria. Servicers must suspend any associated foreclosure sale until March 31, 2018. Both Fannie and Freddie reiterate […]

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National Flood Insurance Program Extended to Mid-January

December 27, 2017

Congress narrowly avoided a government shutdown by passing a short-term continuing resolution that extends the National Flood Insurance Program (NFIP) for the third time this year. The bill was signed into law by President Trump on Friday, December 22, 2017. As a result, the program will operate as usual through the new expiration date of […]

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Fannie Mae Uninsured and Insured Loss Events Guide Updates

December 15, 2017

In efforts to reduce the cost of servicing, Fannie Mae updated their Servicing Guide to reflect they will reimburse servicers for insured loss repair inspection fees for all mortgage loans where confirmation of property repairs is required. This announcement is an extension of the reimbursement policy that applied to loans impacted by disasters. Servicers may […]

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California Wildfire Billing and Claim Handling Notice

December 15, 2017

The California Department of Insurance issued a notice asking all insurers to provide expedited claim handling and at least an additional 30 days to pay insurance premiums to account for disruption in mail service and to prevent victims from losing their insurance coverage for nonpayment of premiums. This request is not the same as a typical […]

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