Melissa Klimkiewicz quoted in a National Mortgage News article, “Banks claim victory in new private flood insurance rule”
National Mortgage NewsMelissa Klimkiewicz
Melissa Klimkiewicz was quoted on February 11, 2019 in a National Mortgage News article, “Banks claim victory in new private flood insurance rule,” which discussed bank regulators’ release of their final rule implementing the Biggert-Waters Act on Januaruy 25 and the regulations accompanying this rule. The article stated, “Nonbank mortgage lenders are not required by law to follow the rule. But for practical purposes, the new requirements will likely affect their business. Likewise, nonbanks must also adhere to flood insurance requirements of other secondary market players, including Fannie Mae and Freddie Mac.”
Klimkiewicz noted, “The nonbanks aren't going to be directly regulated by this rule, but there will likely be fallout from it. I can see the banks saying, for uniformity of approach, just follow the rule if you're going to sell your loans to us.”
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