Home >> Daily Dose >> NFIP Reforms Approved by House Financial Services Committee
Print This Post Print This Post

NFIP Reforms Approved by House Financial Services Committee

Maxine Waters

The House Financial Services Committee unanimously approved a markup of eight bills  this week aimed to make homeownership more affordable and sustainable, including two bills to reform and reauthorize the National Flood Insurance Program (NFIP).

Among the bills approved were H.R. 3111,  “The National Flood Insurance Program Administration Reform Act of 2019,” and H.R. 3167, “The Nation Flood Insurance Reauthorization Act of 2019.”

H.R. 3111 would bring improvements to the NFIP appeals process, accountability, and transparency of claims process in the aftermath of Hurricane Sand, and H.R. 3167 would reauthorize the NFIP for five years and includes numerous reforms to increase affordability, mapping and modernization.

The bill to reauthorize the NFIP was introduced by Rep. Maxine Water, Chairwoman of the House Financial Services Committee, and passed by a bipartisan vote of 59-0.

“The National Association of Mortgage Brokers and its thousands of members are very proud this morning of Chairwoman Waters and Ranking Member McHenry for their tireless work spearheading a long-term solution that protects millions of Americans,” said Rick Bettencourt, NAMB Board President.” “This extension of the NFIP positively impacts many critical levels of the mortgage industry and our entire body stands by this bipartisan legislation that will improve how our industry can and will do business.”

At a recent National Flood Conference, Waters discussed the benefits of the NFIP, stating the the program was “at risk.”

"The NFIP makes flood insurance available to millions of homeowners, renters, and business owners and also helps those policyholders to reduce their risk by providing flood mapping, floodplain management, and mitigation services," she said. "These activities help local communities and individuals prepare for the financial impact of flooding, whether it is caused by heavy rainfall that affects families living in the Midwest or life-threatening storms that pummel the millions of homes and businesses along the coasts."

The NFIP received a last-minute extension on May 31, just hours before it was set to expire. Two prior attempts to extend the program failed, the Senate had approved two bills to extend the program: the first is part of the disaster relief legislative package that would extend the NFIP through Sept. 30, and the second would provide a two-week extension.

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.
x

Check Also

Black Shoppers Face More Homebuying Hurdles

According to a recently released Redfin report, America is facing a  racial divide when it ...

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.