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How the National Flood Insurance Program’s recent extension provides stability for the housing market

Housing Wire

The National Flood Insurance Program’s authority to issue policies was recently extended for a full year, until September 30, 2021. This is the 16th short-term extension of the NFIP since Congress reauthorized the program in 2012 and extended it in 2017, and the one-year extension is the longest of those extensions.

Insurance 367
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Increased need for a compliance-driven insurance servicing solution

Housing Wire

With multiple organizations – such as the Consumer Finance Protection Bureau (CFPB), Fannie Mae, FEMA, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and others – guiding these regulations and outlining protocols, it is necessary but challenging to maintain compliance.

Insurance 349
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Frank Nothaft, economist with “inimitable style,” has died

Housing Wire

At CoreLogic, Nothaft headed the office of the economist, providing analysis, commentary and forecasting trends in global real estate, insurance and mortgage markets. “When I arrived at Freddie Mac in 2012 he was a long-established major name in mortgage research,” said Donald Layton, who was CEO of Freddie Mac from 2012 to 2018.

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Mr. Cooper settles $90M lawsuit over illegal foreclosures

Housing Wire

2012 and Jan. Cooper] broke that trust by engaging in unfair and deceptive practices prohibited by the Consumer Financial Protection Act of 2010, as well as violations of the Real Estate Settlement Procedures Act and the Homeowner’s Protection Act.”. Specifically, the CFPB alleged that between Jan.

Law 537
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Former Fannie Mae chief named as CEO of Silicon Valley Bank N.A.

Housing Wire

The Federal Deposit Insurance Corporation (FDIC) has named former Fannie Mae CEO and Blend president Tim Mayopoulos as CEO of Silicon Valley Bank N.A. , After being promoted to CEO in 2012, Mayopoulos returned Fannie Mae to profitability, delivering more than $167 billion in dividends to the U.S.

Insurance 370
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Porch acquires mortgage software firm Floify for $90M

Housing Wire

Floify was founded in 2012 by Dave Sims, who is CEO of the company. With the most recent acquisition of Floify, Porch will expand “its early access to high-intent homebuyers who need key services including insurance, warranty and moving services,” the company said in a statement.

Mortgage 393
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Home price growth, low mortgage rates boost MMI fund

Housing Wire

The Department of Housing and Urban Development is taking a cautionary approach to changes to mortgage insurance premiums after a banner year for its Mutual Mortgage Insurance (MMI) fund. Marcia Fudge said there were no near-term plans to change FHA’s mortgage insurance premium pricing.). Earlier this year, HUD Sec.

Mortgage 406