On July 16, 2018 the Federal Emergency Management Agency (FEMA) proposed revisions to its flood regulations. FEMA proposes to amend parts 59, 61, and 62 of 44 CFR. These parts contain regulations implementing the NFIP. In addition, FEMA proposes to amend Appendices A(1) – A(3) of part 61, containing the three forms of the SFIP: The Dwelling Policy Form, the General Property Form, and the Residential Condominium Building Association Form. FEMA proposes this rulemaking for […]
Category: FEMA
FOLLOW-UP TO RECENT CMG MEETING
During one of our February 16, 2018 CMG meetings regarding Private Flood Insurance we received an interesting comment and an insightful question. Comment – The comment, submitted privately, stated, ” I just wanted to let you all know that I just finished my compliance exam and we had to write memos for the loan files explaining that have reviewed and determined that our customers with higher flood deductibles are able to afford them.” While I […]
NEW FLOOD HAZARD DETERMINATION FORM
On July 27, 2016 FEMA made available on its website an updated Flood Hazard Determination Form (SFHDF). The SFHDF is required for all federally backed loans and is used by lenders to determine the flood risk for their building loans. The previous form which expired on May 30, 2015 can continue to be used during the phase in period of the new form. The phase-in period has not been detailed at this time. The new form […]