Revisiting 2015's New Flood Regulations

The past few years have brought about a steady stream—if not quite a flood—of changes to the federal mandatory purchase of flood insurance requirements (mandatory purchase requirements). Most recently, on July 21, 2015, the federal banking agencies (Agencies) published a joint final regulation (Final Flood Rule) that implements certain provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) and the Biggert-Waters Flood Insurance Reform Act of 2012 (BiggertWaters). This article analyzes the impact of the Final Flood Rule on lenders’ and servicers’ compliance with the mandatory purchase requirements.

Originally published in the January 2016 issue of Mortgage Compliance Magazine; reprinted with permission.