Flood insurance

Mortgage professionals are focusing on housing policies and the Federal Reserve this November.

Flood maps, which designate areas where mortgage borrowers must buy policies are often out of date and don't focus on the danger of rain-caused issues.

Over 4 million residents in the region, both coastal and inland, face dangers similar to residents in Hurricane-weary Florida, Louisiana and Texas.

The incidence of at least four flood insurance payouts totaling $20,000-plus, or at least two totaling more than the building's market value, is growing.

The disaster underscores Americans' dangerously low levels of flood insurance coverage, especially away from coastal areas. 

The program lapsing would've precluded mortgage applicants from closing on home loans without the required coverage in federally designated flood zones.

Awareness of disaster risk has increased in the public and private sectors, and it appears to be prompting more interest in home improvements in particular.

The Federal Housing Finance Agency has agreed to more regular checks on the government-sponsored enterprises' flood compliance, which impacts mortgage companies.

A Billings, Montana-based First Interstate Bank agreed to a five-figure penalty to resolve charges it engaged in National Flood Insurance Act violations.

A Congressional Budget Office study looks under the hood at homeowners insurance and considers strategies like expanding the federal coverage beyond floods.