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Volume 10 - Number 16

August 4, 2017

Groups Seek Rule Change to Allow Private Flood Policies on FHA Loans

Industry groups representing lenders, real estate agents and insurance providers are urging the FHA to adopt a policy allowing borrowers to purchase private flood insurance on FHA-insured loans. In a recent letter, eight industry groups said FHAís current stance of accepting only policies authorized by the National Flood Insurance Program contradicts Congressí intent to encourage the use of private flood insurance and conflicts with current lender requirements. Congress is putting together a comprehensive legislative package of flood-insurance reforms, which would extend the NFIP for another five years and require lenders to accept private flood insurance to meet statutory flood-insurance requirements. The group said FHAís current policy appears to conflict with lender requirements in the Biggert-Waters Flood Insurance Reform Act of 2012. A number of home-loan transactions have failed to ...

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