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HUD/OH | RIN: 2502-AJ43 | Publication ID: Spring 2018 |
Title: ●Acceptance of Private Flood Insurance for FHA-Insured Mortgages (FR-6084) | |
Abstract:
HUD is proposing to amend Federal Housing Administration (FHA) regulations to allow private flood insurance on FHA-insured mortgages in satisfaction of the mandatory purchase requirement for properties located in Special Flood Hazard Areas. The National Flood Insurance Act of 1968 (42 U.S.C. 4001 et seq.) requires the owners of properties located in a community participating in the National Flood Insurance Program (NFIP) to purchase flood insurance as a condition of receiving a federally-backed mortgage, provided that the property is mapped in a Special Flood Hazard Area (SFHA). The Biggert Waters Flood Insurance Act of 2012 requires the lending institutions, federal agency lenders, the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) to accept private flood insurance as satisfaction of the mandatory purchase requirement and flood insurance coverage requirement under the Flood Disaster Protection Act of 1973, as amended. Current FHA regulations do not allow private flood insurance as an option and requires mortgagors to obtain and maintain NFIP flood insurance for the duration of the mortgage, to the extent NFIP is available. |
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Agency: Department of Housing and Urban Development(HUD) | Priority: Other Significant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Other | |
CFR Citation: 24 CFR 201 24 CFR 203 24 CFR 206 | |
Legal Authority: 12 U.S.C. 1702 to 1715z-21 42 U.S.C. 3535(d) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Elissa Saunders Director, Office of Single Family Program Development Department of Housing and Urban Development Office of Housing 451 7th Street SW, Washington, DC 20410 Phone:202 708-1672 |