The National Association of Realtors this week called on lawmakers in Washington to reauthorize the National Flood Insurance Program for five years and mandate significant reforms.
Unless Congress acts soon, the NFIP’s authority to sell or renew flood insurance will lapse at the end of the month, causing 22,000 communities nationwide to lose flood coverage during the hurricane season, the NAR warned.
Mortgage lenders will not finance residential loans in flood plains unless the residence carries flood coverage.
In a letter to lawmakers, the NAR expressed support for H.R. 3167, the NFIP Reauthorization Act, which was unanimously passed by the House Financial Services Committee on June 11. The bill was sent to the House floor for a full vote. For more details, see the new edition of Inside Mortgage Finance, now available online.
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