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Thursday
Jun252015

What's New? Updated Flood Insurance Rules

DateThursday, June 25, 2015 at 10:48AM by AuthorBanking Spectrum

On June 22, 2015, five federal regulatory agencies announced the approval of a joint final rule that modifies regulations that apply to loans secured by properties located in special flood hazard areas.  The final rule implements provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) relating to the escrowing of flood insurance payments and the exemption of certain detached structures from the mandatory flood insurance purchase requirement.  The final rule also implements provisions in the Biggert-Waters Flood Insurance Reform Act of 2012 (the Biggert-Waters Act) relating to the force placement of flood insurance.

The Gold Book has been updated accordingly here.

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