As many of you know, the Free
Lending Tools page on our website has very useful tools and resources to
help you on your lending compliance journey.
One of those resources is our “Flood Insurance Force Placement”
article. This article has been around
for many years; however, with the private flood insurance rules taking effect
on July 1, 2019, it was due for an update.
Be sure to check it out!
If you are still a little unsure about the private flood
insurance requirements and what you need to do, check out our “New
Private Flood Insurance Rules” webinar available now on demand.
Well that was fast! Last Friday, we alerted you that the National Flood Insurance Program (NFIP), which was set to expire on May 31st, was extended for two weeks, until June 14th. Yesterday; however, the Senate’s disaster relief plan was given the green light by the House and, once the President signs, will extend the NFIP through September 30, 2019.
Our hope is that before September the powers that be will find a longer-term solution to keeping the NFIP afloat.
Flood Insurance Extended
For those of you that keep an eye on the never-ending saga of the National Flood Insurance Program (NFIP), we have some good news, some bad news and some kind of good news.
In case you missed it, the NFIP was set to expire today (May 31st); however, yesterday the House approved an extension to fund the NFIP (good news) … for two weeks (bad news). So, they have until June 14th to come up with another plan.
The kind of good news is that the Senate does have a disaster relief package in the works which, if approved, will extend the NFIP for six months. It’s not a long-term solution but we’ll have to take what we can get.