Editor's Note: This article first appeared on FC&S Legal, an ALM Media publication. Click here to view the original post.
Five federal regulatory agencies have approved a joint final rule that modifies regulations that apply to loans secured by properties located in special flood hazard areas.
The final rule implements provisions of the Homeowner Flood Insurance Affordability Act of 2014 ("HFIAA") relating to the escrowing of flood insurance payments and the exemption of certain detached structures from the mandatory flood insurance purchase requirement. The final rule also implements provisions in the Biggert-Waters Flood Insurance Reform Act of 2012 (the "Biggert-Waters Act") relating to the force placement of flood insurance.
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