In this post we dive into Risk Rating 2.0, FEMA's National Flood Insurance Program's new risk model. What began as a program in 1968, FEMA’s National Flood Insurance Program (NFIP), is undergoing a massive modernization effort in order to better assess a property’s flood risk. Risk Rating 2.0, first introduced in 2019, is the first major change to how properties are assessed for flood risk under the NFIP since the early 1970s.
The COVID-19 pandemic has had a devastating effect on economies globally. Almost daily, there's news of businesses closing down and employees being laid off or facing salary cuts.
Mortgage originations, whether new home purchases or refinances, have been booming over the last several months. The latest projections from Freddie Mac have $3.6 trillion for 2020, and 2021 is expected to produce $2.6 trillion. With all these purchases and refinances, why is now a good time to revisit your home equity program?
As our country is still grappling with how the Coronavirus pandemic is shaping a new normal for society, many industries are recognizing that changes must be made to certain facets of their operations. This is certainly true within the world of financial institutions and lending in many different ways. Between dealing with the overwhelming number of applications from the Payment Protection Program and having to adjust lending operations with many working remotely the last thing a lender wants to hear now is that the Blanket VSI that protects their auto lending portfolio is being adjusted.
The community lender’s role as a trusted advisor during the mortgage application process is truly an important one. In many cases the lender can rely upon their expertise, however, there are times when it is prudent to rely on a trusted partner of their own to provide sound advice to their borrowers. One of these cases is finding the most affordable option for flood insurance.