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CoreLogic Expects Reauthorization, Maybe Even Reform, of Flood Insurance Program

Posted To: MND NewsWire

Although it features a rather shameless pitch to play a major role in a reorganized National Flood Insurance Program (NFIP), CoreLogic has published, in its Insights blog, some reassurance for homeowners living in flood-prone areas. Stuart Pratt, Senior Vice President for Government and Industry Relations, addresses the status of NFIP as Congress looks at reauthorizing and perhaps substantially reforming it. NFIP was initially created in 1968 by the National Flood Insurance Act and is administered by the Federal Emergency Management Agency (FEMA). Its aim is to provide affordable flood insurance and mitigate “negative externalities associated with flood disasters.” Flood insurance is required to be carried by homeowners with mortgages backed by any federal programs and by many private lenders…(read more)

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Source: Mortgage News Daily

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