Home Owners Flood Insurance Affordability Act Update

Dated: 02/03/2014

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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.  
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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....

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