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The Latest
Postponed: Fannie Mae-Servicing Requirement Changes for LPI
On May 23, 2012, Fannie Mae issued an Announcment that it has postponed the compliance deadline for SVC 2012-04, which implements changes to its LPI and hazard insurance claims process. ABIA summary of these changes.
House Passes NFIP Extension Bill
On May 17, 2012, the House passed by a vote of 402-18 H.R. 5740, introduced by Rep. Biggert (R-Ill), that would extend the NFIP through June 30 and includes reforms. The ABIA and ABA submitted a statement for the Senate Banking Economic Policy Subcommittee hearing held on May 9, 2012. Read the Statement.
California Assembly Bill 1603: Lender-Placed Insurance
Read the Bill. ABIA Memo on the Bill. This Bill governs mortgage Servicers' placement of hazard, flood and homeowners insurance. Generally, its requirements are similar to those in Section 1463 of the Dodd-Frank Act. As of May 16, the bill was placed in suspension. The Bill will be considered on May 25, 2012.
CFPB Proposed Rules on Mortgage Servicing, Including LPI
On April 10, the CFPB released an outline of proposed rules, including notice and procedural requirements for Lender-Placed Insurace (LPI). Press Release by CFPB. Chart that compares LPI provisions by the CFPB, in Dodd-Frank, the mortgage servicing settlement and the new Fannie Mae guidlines.
NAIC Responds to Rep. Royce's Letter
In an ABIA-supported letter, Rep. Ed Royce (R-Calif.) pressed the National Association of Insurance Commissioners to explain its decision to designate itself as a "standard-setting organization." Royce expressed concern that the NAIC, which is legally a trade association, may be positioning itself to take on regulatory responsibilities even though the group lacks any governmental accountability mechanisms. Read NAIC's Response.
FEMA Okays Private Flood Insurance Policies
In a memo sent March 6, 2012, FEMA clarifies that a lender may use a private flood insurance policy to satisfy mandatory purchase requirements of the Flood Disaster Protection Act of 1973.
Read the Memo
The 2010 ABIA Study of Banks In Insurance
An Executive Summary of the 2010 Study - findings from our biennial research of the current and planned insurance activities of U.S. banks.
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