House Passes Private Flood Policy Bill

May 2, 2016

May 2, 2016 On April 28th, The US House of Representatives passed the Ross-Murphy Flood Insurance Market Parity and Modernization Act (HR 2901). If the bill passes in the Senate, it will greatly simplify the criteria servicers must use to determine acceptability of a borrower’s private flood insurance policy. Existing flood laws require private insurance […]

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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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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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Illinois Emergency Order and Emergency Insurance Regulations Released December 29, 2015

January 7, 2016

The Illinois Department of Insurance issued a Company Bulletin 2015-13 in response to the recent severe flooding event. The purpose of the Bulletin is to implement safeguards for consumers facing difficulties because of the flooding. The Bulletin applies to all lines of insurance. In summary, the Bulletin provides: A moratorium on cancellations and non-renewals of […]

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Fannie Mae and Freddie Mac Change Lender-Placed Insurance Deductible Requirements

October 20, 2015

Fannie Mae and Freddie Mac Change Lender-Placed Insurance Deductible Requirements On October 14, 2015, Fannie Mae released Servicing Guide Announcement (SVC-2015-13) and Freddie Mac released Bulletin 2015-18 that included requirements for new lender-placed hazard insurance deductibles. The Announcement and Bulletin require lender placed deductibles based on the amount of insurance coverage: $1,000 deductible for coverage […]

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South Carolina Emergency Order and Emergency Insurance Regulations Released October 9, 2015

October 15, 2015

The South Carolina Department of Insurance issued an Emergency Regulation in response to the recent severe weather event. The purpose of the Emergency Regulations is to facilitate the state’s recovery and to protect insureds affected by the disaster. The Emergency Regulation applies to insureds residing in the counties named in the federal disaster declaration. However, […]

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PFI is an Industry Leader in CFPB Compliance

September 8, 2015

When it comes to compliance and standards of performance, there are certain industry standards set forth by the Consumer Financial Protection Bureau (“CFPB”) that every third party vendor must adhere to. Third-party vendor standards for CFPB compliance include:  Developing an effective process for managing risk, ensuring that third-party relationships do not present a risk to the […]

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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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