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 […]

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 […]

NFIP Extension The National Flood Insurance Program is set to expire next Friday, May 31, 2019; however, both the House and Senate have proposed bills that would extend funding through the end of the fiscal year, September 30, 2019. Existing proposals include a standalone bill, as well as, legislation included in a larger disaster relief […]

NYDFS Creates State-Level CFPB The New York Department of Financial Services (NYDFS) recently created its own state-operated version of the CFPB known as the Consumer Protection and Financial Enforcement Division (CPEFD). This new unit was emerged through a unification of the preexisting Enforcement and Financial Frauds and Consumers Protection units.  In a press release announcing […]

FEMA has announced multiple amendments to the National Flood Insurance Program (NFIP) that become effective April 1, 2019 and January 1, 2020. Some notable topics addressed by the agency include: Declarations page requirement related to clear communication of risk; and Primary residence guidance For policies effective on or after April 1, 2019, FEMA is requiring […]

Property Inspection Reimbursements Servicers should be aware that Freddie Mac issued a new temporary reimbursement process effective for any property inspections related to insurance loss settlements performed on and after September 1, 2018. Servicers must cease using the prior temporary reimbursement process announced in bll1814 Bulletin 2017-21 property-preservation-matrix svc1805 for inspections ordered in connection with insurance […]

Freddie Mac issued Bulletin 2018-13, announcing Single-Family Seller/Servicer Guide updates to Condominium Project deductible and insurance requirements. Effective immediately, if governing documents of a condominium homeowners association (HOA) call for a unit owner to insure their unit individually, in place of a master HOA policy, Freddie now allows for a condominium unit, including 2- to […]

In response to catastrophic events of Hurricane Florence, the South Carolina Department of Insurance issued an Emergency Insurance Regulation on September 14th (Emergency-Order-No-2018-EO-001), suspending certain provisions of the South Carolina Insurance Code, including those related to cancellation and non-renewal of insurance policies.   The Emergency Regulation is applicable to all lines of insurance that are subject […]

Fannie Mae recently issued Announcement SVC-2018-4, which among other changes updated the Servicing Guide sections related to reimbursements for advances made to pay flood and hazard insurance premiums after a foreclosure sale.  In general, Fannie Mae will reimburse such advances for both escrowed and non-escrowed loans, even if the advances were made prior to the […]