Insurance

Lawmakers on the Senate Banking Committee voiced some scattered support for changes to improve the finances of the National Flood Insurance Program, but comprehensive reform appears out of reach. 

The National Flood Insurance Program has been without a long-term reauthorization for five years, and it seems poised to stay that way after its first congressional hearing since 2019. 

As the National Flood Insurance Program goes into effect this month, more than 80 percent of existing policyholders are set to see rates climb and those gains will be spread largely evenly among rich and poor areas, according to a new report.

The Department of Housing and Urban Development’s inspector general said the Federal Housing Administration needs to improve guidance for servicers and improve controls.

Lenders and servicers that take a business-as-usual approach to managing their flood portfolios may be exposed to undue risk.

In a rare move for traditional financial institutions, the Texas bank and a fintech partner will offer quotes to a subset of the bank's customers.

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.

County homeowners may be eligible for federal assistance in the form of low-interest loans rather than grants.

Florida's first-ever — and short-lived — climate change czar set a clear priority for the state: Protect the real estate market.

In Miami Beach's bitter battle over raising roads to keep communities dry in the face of sea level rise, it's all about property value.

Citibank is on the hook for just under $18 million in flood insurance violations, according to the Office of the Comptroller of the Currency.