The question of whether the Department of Housing and Urban Development (HUD) accepts private flood insurance policies will finally be clarified. HUD has proposed to amend the Federal Housing Administration (FHA) rules to explicitly permit the use of private flood insurance on FHA loans in Special Flood Hazard Areas (SFHAs). The current FHA Regulations conflict with […]

Effective immediately, the Federal Housing Administration (FHA) released a Mortgagee Letter granting a 90-day conditional extension of the current foreclosure moratorium related to Hurricane Maria in specified impacted areas of Puerto Rico and the U.S. Virgin Islands. Through this publcation, HUD communicates guidance that further extends the current moratorium for those that satisfy the stated […]

The Pennsylvania Department of Banking and Securities recently added a new chapter concerning mortgage servicing to Title 10 of the Code. The goal of this legislative change, that becomes effective immediately, is to establish standards that emulate regulations published by the Consumer Financial Protection Bureau (CFPB). Included among the provisions are force-placed insurance notification requirements […]

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 […]

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 […]

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 […]

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 […]

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 […]

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, […]

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 […]