HUD Disaster Assistance Extension for Hurricane Maria

March 2, 2018

Effective immediately, the Federal Housing Administration (FHA) released a Mortgagee Letter granting a second extension of the current foreclosure moratorium related to Hurricane Maria. The extension is applicable to FHA-insured homeowners in counties eligible for FEMA-designated Individual Assistance located within Presidentially-Declared Major Disaster Areas of Puerto Rico and the U.S. Virgin Islands. Due to extensive […]

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Fannie Mae Insured Loss Events Servicing Guide Updates

March 1, 2018

Fannie Mae (FNMA) released Servicing Guide Announcement 2018-01, making a handful of clarifying changes that are effective immediately, to Guide Section B-5-1, Insured Loss Events. The text in bold below indicates the Guide section revisions: Note: The servicer and/or the insurance company may not have reason to believe that a supplemental claim will be filed […]

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FHA Revises Loss Mitigation Policies for Borrowers in Disaster Areas

February 28, 2018

The Federal Housing Administration (FHA) published Mortgagee Letter 2018-01 revising Loss Mitigation relief options for eligible borrowers located in various Presidentially-Declared Major Disaster Areas (PDMDAs) related to Hurricanes Harvey, Irma, and Maria, and certain California Wildfires, Flooding, Mudflows, and Debris Flows. For your convenience, an overview of these changes include: Streamlined income documentation and other […]

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NFIP Reauthorized to March 23, 2018

February 9, 2018

After a brief government shutdown overnight, Congress passed a $400 billion budget deal that was signed into law by President Trump this morning. As a result, the National Flood Insurance Program (NFIP) was extended to March 23, 2018. In addition, a few other provisions of the deal include: Increased funding for military and other domestic […]

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Congress Expected to Vote on Budget Bill to Avert Shutdown

February 9, 2018

With the potential of another government shutdown looming, the Senate rejected a House-amended, stand-alone military funding bill that included a six-week extension of authority for FEMA’s National Flood Insurance Program (NFIP). Bipartisan efforts will now focus on gathering enough votes today to advance the separate budget deal, proposed by the Senate, which would keep the […]

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NFIP Authority Reinstated to February 8, 2018

January 23, 2018

After a three-day government shutdown, Congress passed another short-term continuing resolution bill, H.R. 195, which was signed into law by President Trump on Monday. This bill re-opens the federal government and renews authorization for the National Flood Insurance Program (NFIP) through February 8, 2018. Proctor will continue to monitor this topic and provide updates as […]

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National Flood Insurance Program Lapse in Authority

January 22, 2018

Despite the actions by the House Thursday evening to avert a government shutdown, ultimately the Senate blocked the House-passed continuing resolution bill Friday. As a result, the Senate is expected to vote today on a measure that would restore government funding through February 8, 2018. Proctor would like to draw attention to guidance previously issued […]

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Repeal of Grace Period in Puerto Rico

January 12, 2018

Previously, due to the catastrophic effects of Hurricane Maria, the Office of the Commissioner of Insurance in Puerto Rico had issued ruling letters providing a grace period for the payment of premiums and a temporary postponement of cancelation of policies that expire for non-payment during the declared state of emergency. Due to recent successful recovery […]

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FEMA Prepares for Potential NFIP Lapse

January 5, 2018

Although Congress reauthorized the National Flood Insurance Program (NFIP) through January 19, 2018, there is still some uncertainty surrounding the fate of the program. After multiple extensions, legislators have been unable to reach a long-term agreement. In preparation for a possible lapse in the program’s authority, FEMA issued guidance regarding information on new policies and […]

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

December 27, 2017

Effective immediately, Fannie Mae and Freddie Mac have 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. Servicers must suspend any associated foreclosure sale until March 31, 2018. Both Fannie and Freddie reiterate […]

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