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Lenders Defend Role They Play in Making Sure Borrowers Have Flood Coverage.(Brief Article)
Washington -- Lenders are not lax in making sure borrowers get flood insurance when buying or financing a home in a flood plain, according to the Mortgage Bankers Association.
MBA chair Regina Lowrie told the Senate Banking Committee last week lenders and servicers have instituted significant procedures to ensure compliance with the mandatory flood insurance purchase requirements of the National Flood Insurance Program.
Based on a conservative estimate, the MBA believes noncompliance is less than 5%, Ms. Lowrie testified.
At a previous flood insurance hearing, a Federal Emergency Management Administration official who oversees the flood insurance program estimated that the level of lender noncompliance with the mandatory purchase requirement was between 40%-60%.
The FEMA official acknowledged that he based his estimate on a surprising lack of flood insurance in disaster areas and not on ...
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Source: HighBeam Research, Lenders Defend Role They Play in Making Sure Borrowers Have Flood...