Construction and Data Validation Products; FHA, VA, HECM Changes

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Posted To: Pipeline Press

Lenders making tough personnel decisions can’t “kick the can down the road” like Congress and the President. On Dec. 8, the National Flood Insurance Program (NFIP) was set to expire. Late last week Congress passed, and the President signed, a two-week spending bill to avoid a government shutdown, allowing an extension on the NFIP to 12/22. In the simplest terms, if the NFIP expires, virtually no homes in any floodplain could be bought or sold if that deal involves a mortgage company because anyone buying a home with a federally-backed loan is required to carry flood insurance if that house sits in a flood plain. Any way to run a country? FHA/VA/Ginnie Program Changes Iberiabank Corp and two subsidiaries agreed to pay $11.69 million to resolve allegations they submitted false…(read more)

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