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Feds Propose Changes to Flood Insurance Q&A for Lenders

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New flood insurance maps for New Orleans, expected to be made final Wednesday (March 30) by the Federal Emergency Management. standard that’s required by many mortgage lenders for new construction.

Answer: The lender is no longer obligated to require mandatory flood insurance; however, the borrower can elect to convert the existing NFIP policy to a Preferred Risk Policy. For risk management purposes, the lender may, by contract, continue to require flood insurance coverage.

Federal Deposit Insurance Company 550 17th Street, N.W. Washington, D.C. 20429. insurance providers and lenders and not focus narrowly on a comparison of. policies do not neatly fit the narrow confines of the BWA private flood insurance criteria or the proposed definition of private.

As an alternative, proposed question 19 of the Flood Q&A states that insurance must be in place once a foundation slab has been poured or an elevation certificate has been issued, provided that the lender requires flood insurance prior to the disbursement of funds to pay for building construction.

Insurers and Lenders. What is a Flood Insurance Rate Map (FIRM) and how do I use it?. How long does the map change process take?. If my home is flooded, won't federal disaster assistance pay for my damages?.. A CLOMR is FEMA's comment on a proposed project that would, upon construction, affect the .

"Flood Disaster Protection Act," is prepared for use by OCC examiners in connection with. which allows consumers to purchase federal flood insurance from private insurance. Federal agency lenders such as the FHA, the SBA, and the VA do not subsidize, insure, or.

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30 deadline approaches for Congress to extend the National Flood Insurance Program or allow it to expire. The rising premiums are intended to gradually stabilize the finances of the 49-year-old.

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One of the important changes introduced by the Biggert-Waters Act requires lenders to accept a plan that meets the statutory definition of private flood insurance in lieu of a standard flood insurance policy (SFIP).

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