FEMA NFIP Program Changes and GSE Escrow Shortage Updates

April 18, 2018

NFIP Program and Flood Insurance Manual Changes FEMA has announced multiple amendments to the National Flood Insurance Program (NFIP) in efforts to offset potential future losses and reduce the amount of carried risk. Some notable actions by the agency include: Obtaining nearly $1.5 billion in reinsurance coverage Withdrawing ‘non-compete’ rule permitting insurers that sell NFIP-backed […]

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NFIP Program Changes – Effective October 1, 2018

April 2, 2018

FEMA has published a memorandum announcing changes to the NFIP Flood Insurance Manual that will become effective October 1, 2018. Examples of changes applicable to new business, renewals, endorsements, and cancellations include: Establishment of Cancellation Reason Code 26 for Duplicate Coverage FEMA created a reason code to allow cancellation of an NFIP policy when an […]

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Fannie Mae Updates Condo Project FAQs

March 26, 2018

Proctor would also like to draw attention to recent changes Fannie Mae made to various sections of their website pertaining to condo projects. This material includes new and revised FAQs regarding Project Insurance Requirements and Project Standards, as well as Project Eligibility Review Service materials. To review these resources please visit the Condo, Co-op, Planned […]

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NFIP Reauthorized to July 31, 2018

March 26, 2018

President Trump signed into law the $1.3 trillion spending bill termed the Consolidated Appropriations Act of 2018. As a result, the federal government is now funded through the end of the fiscal year, September 30, 2018. In addition, the National Flood Insurance Program (NFIP) has been extended through July 31, 2018, giving Congress additional time […]

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President Signs NFIP Reauthorization Bill

March 26, 2018

President Trump signed into law the $1.3 trillion spending bill termed the Consolidated Appropriations Act of 2018. As a result, the federal government is now funded through the end of the fiscal year, September 30, 2018. In addition, the National Flood Insurance Program (NFIP) has been extended through July 31, 2018, giving Congress additional time […]

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NFIP Reauthorization and Fannie Mae Condo Updates

March 26, 2018

President Signs NFIP Reauthorization Bill President Trump signed into law the $1.3 trillion spending bill termed the Consolidated Appropriations Act of 2018. As a result, the federal government is now funded through the end of the fiscal year, September 30, 2018. In addition, the National Flood Insurance Program (NFIP) has been extended through July 31, […]

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NFIP Reauthorization

March 22, 2018

Today the House passed the massive Omnibus Appropriations Bill. The Senate must now approve the bill by end of day on March 23, 2018 in order to avoid a third government shutdown of the fiscal year. A key component of this 2,232-page bill includes an extension of the National Flood Insurance Program (NFIP) through July […]

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CFPB Releases Servicing FAQs

March 22, 2018

The CFPB published a set of Frequently Asked Questions (FAQs) to address inquiries associated with the upcoming servicing rule changes that become effective April 19, 2018. More specifically, these bankruptcy-related FAQ topics include periodic statements, reaffirmation, coupon books, successors in interest, and timing of compliance. Follow the link below to review the CFPB’s FAQs: FAQs […]

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

March 12, 2018

Previously, Fannie Mae and Freddie Mac 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. Effective immediately, the GSEs have extended this relief through May 31, 2018 to best serve the affected property […]

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VA Updates Servicer Handbook

March 8, 2018

The Department of Veterans Affairs (VA) announced various revisions to the M26-4 Servicer Handbook. According to the published Transmittal of Change , updates were made to over a dozen areas on various topics, such as: Definition of delinquency Bankruptcy reporting timeframe Required documents for post-audit review National Guard members who may become active during disaster recovery […]

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