Before you head out of the office for the weekend, here are two quick newsworthy updates about the National Flood Insurance Program and the CFPB’s Home Equity Lines of Credit booklet.
- Status of the National Flood Insurance Program
Jack Holzknecht blogged early on December 15th about the funding for the National Flood Insurance Program expiring at midnight December 16, 2022. On the evening of December 14, the House voted to continue funding for one week. As of yesterday, the Senate also approved the funding for the week.
Simply put, for one week loans may be closed with appropriate flood insurance in place, unless a longer extension is approved next week.
In the event Congress allows the program to lapse, for any period beyond a few hours, we will publish contingency plans that explain possible options to continue funding loans secured by buildings located in special flood hazard areas.
Stay tuned.
- Revised HELOC Booklet approved by the CFPB
The Consumer Financial Protection Bureau (CFPB) announced today the availability of a revised consumer publication, “What You Should Know about Home Equity Lines of Credit,” also known as the HELOC booklet, required by the Truth in Lending Act (TILA). This version of the HELOC booklet is aligned with the Bureau’s educational efforts, is more concise, and has improved readability and usability. Some of the new features include:
- Clear instructions on how consumers can use the pamphlet to explore their options.
- A comparison table with types of loans that utilize home equity and other sources of financing a consumer might consider, including closed-end credit.
- Expanded tables for consumers to compare three estimates and get the most advantageous offer.
- A Spanish version.
Starting today, the updated publication is available for download on the Bureau’s website here and can also be found in the Catalog of U.S. Government Publications, maintained by Superintendent of Documents, U.S. Government Printing Office.