Puerto Rico Seismic Activity

January 24, 2020

In response to the recent catastrophic seismic events, the Governor of Puerto Rico issued an Emergency Order (EO-2020-001) on January 7, 2020 declaring a state of emergency that continues until further notice As a result, the Insurance Commissioner published Ruling Letters that provide a temporary postponement on cancellations of insurance policies. While the state of emergency is […]

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NFIP Reauthorization 12/20/19

December 20, 2019

Yesterday afternoon, the Senate approved the House amendments to H.R. 1865, Further Consolidated Appropriations Act of 2020. The $1.4 trillion spending package extends the National Flood Insurance Program (NFIP) to September 30, 2020, and includes a 7-year extension of the Terrorism Risk Insurance Program to 2027. According to White House representatives, President Trump will sign […]

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California Wildfire News

December 10, 2019

In response to the recent catastrophic wildfires, the California Department of Insurance (DOI) Commissioner issued a one-year mandatory moratorium on non-renewals, specifically due to wildfire risk, in efforts to assist impacted policyholders, minimize adverse effects on real estate markets, property values and other services offered in the affected communities. Insurers shall not cancel or non-renew for one […]

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NFIP Reauthorization

November 22, 2019

Yesterday, Congress and the President approved a short-term continuing resolution (H.R. 3055) that continues the current authority of the National Flood Insurance Program (NFIP), without reform, through December 20, 2019. Without congressional action, the NFIP was set to expire at midnight on November 21, 2019. We will monitor this topic and provide updates as they […]

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Fannie Mae Updates Servicer Requirements for REO Properties

October 15, 2019

To simplify the post-foreclosure process and reduce Servicers’ expenses, Fannie Mae previously accepted responsibility for the payment of various expenses for acquired properties. The party responsible for payment, in some cases, was dependent upon the date of foreclosure sale or executed Mortgage Release. According to a recent Servicing Notice, unless otherwise directed, Fannie is assuming […]

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NFIP Reauthorization

September 27, 2019

Dear Client, Congress approved a continuing appropriations bill (H.R. 4378) which would prevent a government shutdown and extend funding of the National Flood Insurance Program (NFIP) through November 21, 2019. The NFIP was set to expire at the end of the fiscal year on Monday, September 30, 2019. President Trump is expected to sign the […]

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FHA Revises Permanent Disaster Loss Mitigation Options

August 30, 2019

Mortgagee Letter 2019-14, published by the Federal Housing Administration, revises loss mitigation options offered to those with FHA-insured mortgage loans whose property and/or place of employment is located within a Presidentially-Declared Major Disaster Area (PDMDA). FHA clarified, “The ML is designed to provide immediate loss mitigation and other relief options to FHA borrowers in all […]

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Revised FDPA Interagency Exam Procedures

August 28, 2019

The Federal Reserve and the Office of the Comptroller of the Currency announced updates to Interagency Examination Procedures for the Flood Disaster Protection Act (FDPA) through Consumer Affairs Letter CA-19-10 and OCC Bulletin 2019-42. The updated procedures include new sections pertaining to the following topics associated with the February 20, 2019 (84 FR 4953) final […]

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NFIP Extended to September 30, 2019

June 6, 2019

After a prior short-term extension of the NFIP preventing a lapse in the program on May 31, Congress passed a $19 billion disaster relief bill (H.R. 2157), that further extends the NFIP to September 30, 2019. President Trump is expected to sign the bill into law. Proctor will continue to monitor this topic and provide updates […]

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Fannie and Freddie Private Flood Update

June 6, 2019

Fannie Mae and Freddie Mac issued clarifying updates addressing acceptability of private flood insurance directly ahead of the July 1, 2019 effective date of the Federal Agencies regulation. Fannie and Freddie both announced that although they accept private flood insurance policies as an alternative to those issued through the National Flood Insurance Program (NFIP), in order to […]

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