Melissa Klimkiewicz discussed “New FHA regulations on private flood insurance acceptance” at a CoreLogic Flood Services webinar
Lenders are preparing for an important change in the mortgage market: Beginning Dec. 21, they may begin accepting private flood insurance policies on FHA-insured loans. That ends a decades-old rule that FHA-insured loans on properties requiring flood insurance had to have policies extended through the federal government’s National Flood Insurance Program. Melissa Klimkiewicz, senior counsel at Buckley, provided insight on the Department of Housing and Urban Development’s new regulations allowing private flood insurance. She advised lenders and servicers on the ins and outs of the federal banking agencies’, FHA’s, and the government sponsored enterprises’ (GSE) flood insurance-related regulations and guidance, and discussed what this change will mean for FHA lenders and borrowers.