United States:
New Flood Insurance Rule Proposed By Joint Regulators
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On October 11, five agencies issued a joint notice of proposed
rulemaking to amend regulations related to loans secured by
property located in flood hazard areas. The
proposed rule would implement portions of the
Biggert-Waters Act with respect to private flood
insurance, the escrow of flood insurance payments
and the forced-placement of flood insurance if borrowers let their
own insurance lapse. Among other changes, the proposed rule
would require lending institutions to accept private flood
insurance to satisfy the mandatory purchase requirements and to
escrow flood insurance payments and
fees for any new or outstanding loans secured by
residential improved real estate. FDIC Release. Proposed Rule.
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about your specific circumstances.
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