By a vote of by a 306-91, the House passed the Homeowner FLood Insurance Adffordabilty Act of 2014 on Tuesday.
The bill would prevent the Federal Emergency Management Agency (FEMA) from increasing premium rates when a property is sold or a new flood map is developed, and refunds some of the recent rate increases homeowners have paid. It limits premium increases to 18% annually. To pay for these fixes, the bill requires policyholders to pay a $25 surcharge on residential policies and a $250 surcharge on premiums for non-residential properties and non-primary residences on policies. The Senate must now pass the amended version before the bill can become law.
This year’s conference is April 2nd – 4th at the Sanibel Harbour Marriott Resort & Spa in Fort Myers, Florida. Join us for two days of hands-on SoftPro training, gain insight into CFPB’s Final Rule, Industry Best Practices and more. This is a conference you won’t want to miss! Visit http://www.softprocorp.com/spug for more information and to register for this exciting conference!
On January 30th FHA issued Docket No. 14-03 stating that they would accept electronic signatures for mortgages that meet certain requirements.
Log into your mySoftPro account at softprocorp.com and check out our newest CFPB training video The Final Rule.
The CFPB removed the following items that were in the proposed rule from the Final Rule:
Machine readable record keeping: While the CFPB excluded this requirement from the Final Rule, they did note that they would continue to study this concept.
Changes to APR calculations: The CFPB excluded the proposed changes to the APR calculations based on industry feedback and comments. The Dodd-Frank Act requires the CFPB to report on this rule five years after its effective date, and they will study this issue as part of that.