Flood insurance

The Homeowner Flood Insurance Transparency and Protection Act would temporarily give consumers with higher rates the option to revert to previous lower pricing.

The change, effective Dec. 21, is being put into place two years after it was first proposed.

Speaking with the consumer regarding the proper amount and type of insurance needed is the best way for lenders and servicers to mitigate the likelihood of default.

While commercial investors have begun to recognize the importance of anticipating extreme weather events in their business strategies, companies involved in residential transactions lag behind.

The company formerly known as UniversalCIS Credit Plus, which offers credit report services and appraisal technology, adds a new vertical to offer its mortgage lender clients.

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.