Tag Archives: Flood Insurance

Flood insurance may be getting an overhaul, but not in the form of the National Flood Insurance Policy just yet.

Hurricane Irma is speculated to hit Florida Sunday, but with uncertainties for the future of the National Flood Insurance Program, Florida may be in danger of experiencing the full consequences of lapsed insurance.

It has been three days since Hurricane Harvey made landfall off the coast of Texas, and shows little sign of letting up anytime soon. Houston, in particular, was especially ravaged by the deluge, which received 25 inches of rain in two days. But many properties with federally-insured mortgages sit outside Special Flood Hazard Areas, and aren’t required to have flood insurance . . .

The House Financial Services Committee unanimously passed a bill this week that lifts certain restrictions placed on insurance companies by the federal government and gives states more flexibility to license and regulate private flood insurance.

The United States Senate passed the Homeowner Flood Insurance Affordability Act of 2014, a bill aimed at protecting millions of homeowners from being hit by huge flood insurance premium hikes. The bill, H.R. 3370, passed with a 72-22 vote in the Senate, after previously being passed in the House of Representatives on March 4.

ProLender Solutions, Inc., a provider of paperless mortgage lending software, announced it has added flood, fraud, and Nationwide Mortgage Licensing System (NMLS) services to its existing interface with QuestSoft's Compliance EAGLE platform. With the expanded services, ProLender users have a simpler method to verify flood certifications, fraud compliance, and NMLS license information prior to closings.