MA New Flood Requirements

The State of Massachusetts has enacted a new flood insurance law that will affect both borrower obtained policies and LPI policies.  The law requires regulations to be issues, which should be released sometime in September or October.  The effective date is in late November.  The law does not conflict with GSE or NFIP requirements. In… Read More »

FEMA Launches New Flood Map Service Center Site

On July 28th of 2014 the Federal Emergency Management Agency (FEMA) launched its newly redesigned Flood Map Service Center (MSC).  The MSC is the official source for flood hazard information produced in support of the National Flood Insurance Program (NFIP). The redesign includes several major changes.  According to the FEMA announcement, all flood hazard products… Read More »

Preview Version of the 2014 Fannie Mae Servicing Guide Now Available

Fannie Mae announced this week the release of the preview version of the redesigned 2014 Servicing Guide. The “authoritative” version of the Guide is slated for publication in the fourth quarter of 2014. The preview version is now available at free of charge via a special page on the AllRegs website than can be accessed… Read More »

Fannie Mae Releases Updates to Servicing Guide including new Project Insurance Requirements

On July 29, 2014 Fannie Mae released updates to its Selling Guide in Selling Guide Announcement SEL-2014-10.  On August 19, 2014 they followed up by issuing the same update in the Servicing Guide and released Servicing Guide Announcement SVC-2014-15.  As in the Selling Guide, the Servicing Guide notes the addition of Extended Replacement Cost as… Read More »

CFPB Update on Force-Placed Insurance Requirements in Relation to Mortgage Servicing Transfers

This week, the CFPB issued a new Servicing Bulletin 2014-01, providing compliance guidance for mortgage servicing transfers.   The Bulletin includes CFPB’s clarifications for force-placed insurance during servicing transfers.   Pursuant to existing Regulation X (12 CFR 1024.37 and 12 CFR 1024.17(k)), mortgage servicers must comply with various requirements, including notice requirements, before assessing a borrower any… Read More »

Freddie Mac Updates Flood Insurance Requirements for Detached Structures

The Homeowner Flood Insurance Affordability Act of 2014 (“HFIAA”), in addition to addressing major concerns of the Biggert Waters Act of 2012, also addressed the treatment of detached structures in special flood hazard areas.    HFIAA provides that “flood insurance shall not be required, in the case of any residential property, for any structure that is… Read More »

Fannie Mae Releases Selling Guide Updates

On July 30, 2014 Fannie Mae released a consolidated list of Selling Guide updates.  The most evident being the replacement of the term “hazard” insurance with the term “property” insurance throughout the guide.  Other notable changes include: Adding Extended Replacement Cost coverage as an acceptable form of project insurance (in addition to the Guaranteed Replacement… Read More »

PFI Releases New Compliance Webinar – NFIP, “Other Residential”

Does your institution service loans on “Other Residential” Buildings that require flood insurance? On June 1, 2014, the National Flood Insurance Program (NFIP) increased the maximum coverage limits for “Other Residential” Buildings. This change is primarily a result of the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). In response, Fannie Mae and Freddie Mac… Read More »

Fannie Mae Releases New Reverse Mortgage Loan Servicing Manual

On May 28, 2014, Fannie Mae released the new 2014 Reverse Mortgage Loan Servicing Manual. According to the announcement, changes have been made to both content and structure of the manual in order to streamline and “more clearly codify Fannie Mae reverse mortgage loan servicing policies and procedures.”  The new version also incorporates Announcements SVC-2013-27:… Read More »

NFIP Change in Flood Deductible Amount

On June 1, 2014, in accordance with Section 100210 of BW-12, The Federal Emergency Management Agency (FEMA) revised the minimum deductibles available through the National Flood Insurance Program (NFIP). The new minimum deductibles are available for new business and renewals that are effective on or after June 1, 2014.  The revised minimum deductibles are as… Read More »

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