Insurance

In areas prone to natural disasters, first-year premiums could rise between 10% to 15% annually, but many appraisers are inaccurately calculating renewal hikes.

To avoid a crisis similar to in 2008, protection needs to be in place for the mortgage industry. Soon, flood insurance will need to be standard for almost all coastal areas, which will be a considerable cost, writes the CEO of Repair Pricer.

The federal government Friday rolls out a flood-insurance program revamped to reflect worsening climate change, a program that will raise rates for millions of homeowners in wealthy coastal areas and humble inland communities alike.

The company has seen business ramp up as servicers have sought additional help managing escrowed funds following last year’s refi boom.

A congressional hearing on reforming the National Flood Insurance Program focused on whether mortgage companies need to disclose incremental risks even if a homeowner lives outside a federally designated floodplain.

Mortgage lenders have much riding on a yearslong effort to overhaul a program that requires homeowners to hold policies in flood-prone areas. A congressional panel meeting to discuss the issue was once again split between lawmakers from storm-threatened states and those concerned about government costs.

If enacted, the rule will bring the agency into compliance with the GSEs and the Biggert-Waters Flood Insurance Reform Act.

This deal comes a little more than two months after CIS combined with Avantus.

The Buffalo, N.Y., bank will pay a $546,000 penalty, which will be passed on to the National Flood Insurance Program to help offset costs.

Columbus, Ohio, has nearly triple the number of properties at risk of flooding than are currently reflected on federal flood-plain maps, according to a new modeling tool.