Private flood insurance growing as federal coverage recedes
Numbers on use and performance point to potential for nonpublic insurers to take on a greater role but also suggest there are limits to it, Fitch Ratings found.
Flood insurance
CFPB says flood risk for mortgages underestimated
Financial profiles of borrowers in the coastal areas where insurance coverage is required vary significantly from at-risk homeowners inland, CFPB's analysis found.
What the mortgage industry is watching on election night
Mortgage professionals are focusing on housing policies and the Federal Reserve this November.
More homeowners disaster-proofing homes, Freddie Mac finds
Awareness of disaster risk has increased in the public and private sectors, and it appears to be prompting more interest in home improvements in particular.
Stopgap budget pact averts shutdown but lifts mortgage rates
The bipartisan deal struck Saturday temporarily allays concerns that would've required workarounds in parts of the lending process reliant on government agencies.
FHA to accept private flood insurance
The change, effective Dec. 21, is being put into place two years after it was first proposed.
Podcast Why won’t Congress fix flood insurance?
For decades lawmakers have ignored broad structural flaws in the National Flood Insurance Program, which underpins millions of home mortgages. And the problem is only getting worse.
The shutdown’s impact on financial services
Many federal agencies have been closed for more than three weeks, making it the longest shutdown in U.S. history. With no end in sight, here's how it's affecting banks, credit unions and mortgage lenders.
FEMA ends halt on flood insurance policies during shutdown
The announcement rescinded the agency's earlier guidance issued to industry partners to suspend sales operations as a result of the current lapse in funding from Congress.
Waters calls on FEMA to continue offering flood insurance despite shutdown
Lawmakers and industry groups were caught off guard when FEMA said it wouldn't issue flood insurance policies during the government shutdown, despite an extension passed last week.
Congress passes one-week flood insurance extension
Lawmakers have had to extend the program eight times since October 2017, as Congress has been unable to pass broader reforms.
Senate passes flood insurance extension hours before deadline
Lawmakers authorized a four-month extension less than a day before the program was set to expire.
House bill would reform and extend flood insurance program
Reps. Ed Royce, R-Calif., and Earl Blumenauer, D-Ore., introduced a bipartisan package of legislation Tuesday to extend the National Flood Insurance Program through Nov. 30.
More white knuckles for lenders as flood insurance deadline approaches
Once again, congressional inaction on reauthorizing the National Flood Insurance Program is prompting concerns about what a lapse in coverage could mean for loan closings.
Why this hurricane season may be harder on servicers than Irma and Harvey
There are almost 7 million coastal homes facing more than $1.6 trillion in potential storm-surge reconstruction expenses this year, representing a 6.6% cost increase from last year's hurricane season.
Rising uninsured storm damage share points to flood coverage gaps
The percentage of flood damage to residential properties from Hurricane Harvey that is uninsured is turning out to be a little higher than earlier estimates.
Lawmakers pressed to save flood insurance program
Numerous business sectors are urging lawmakers to act quickly to extend the National Flood Insurance Program before a crucial deadline next week.
House passes flood insurance reform, but will Senate act in time?
The House approved a five-year extension of the National Flood Insurance Program on Tuesday, but it remains unclear whether the Senate will seek to pursue its own bill. The program is due to expire Dec. 8.
Senate passes bill to provide disaster relief, flood insurance forgiveness
The bill includes $16 billion in debt forgiveness for the National Flood Insurance Program and could benefit financial institutions’ customers in areas impacted by recent hurricanes and wildfires.
House passes flood insurance bill, Senate says no thanks
The House passed a bill Thursday making it easier to obtain private flood insurance policies, but moments later the Senate took a pass on the legislation.
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