Home Owners Flood Insurance Affordability Act Update

Dated: 02/03/2014

Views: 2076

Last Thursday the Senate passed the Homeowner Flood Insurance Affordability Act which would delay for up to four years significant premium increases that are being phased in under new government flood maps. 
The bill included an MBA (Mortgage Bankers Association) -supported amendment to clarify National Flood Insurance Program escrow requirements--a major area of concern for lenders. During consideration of the bill, MBA activated its Mortgage Action Alliance to voice industry opposition to an amendment that would have placed unnecessary limitations on force-placed insurance and significant new burdens on the process for tracking insurance. The overall bill, which passed 67-32, now heads to the House where its fate is still uncertain.  
Blog author image

Janis St. Onge

I am a certified Short Sale and Foreclosure Resource (SFR) who works with first time home-buyers, empty-nesters and investors. Call me today and let me be your eyes and ears in the Charleston tri-cou....

Latest Blog Posts

Charming Ranch Home in Wescott Plantation for Under $200K

4816 Hearthside Drive, Summerville, SC, 29485 3 Bed  •  2 Bath  •  1,355 sqft This Well-Kept & Charming 3BR/2.5BA Ranch is Located in Wescott Plantation of

Read More

Charming Ranch Home in North Charleston Back on the Market!

2652 Martha Drive, North Charleston, SC, 29405 3 Beds  •  2 Baths  •  1,069 SqFtYour Search for a Low Maintenance Lakehouse Escape just an hour outside of the

Read More

AMAZING VALUE on Stunning Lake View Home in Summerton, SC

1046 Island Court, Summerton, SC, 291484 Beds   •   3 Baths   •   1,400SqFt.$220,000Your Search for a Low Maintenance Lakehouse Escape just an hour

Read More

PRICE REDUCED! On Elegant End Unit Townhome in Wescott Plantation

       4761 Horse Drawn Way, Summerville, SC, 29485 3BR/2.5BA   •   1,875 SqFt.$210,000Welcome Home to this Low Maintenance Move-In

Read More