Innovative Flood Insurance Program Legislation Introduced In Congress

Innovative Flood Insurance Program Legislation Introduced In Congress

MortgagePros Applaud Bipartisan Effort To Help Consumers

WASHINGTON, D.C. – July 3, 2015 – (RealEstateRama) — Two U.S. Representatives from Florida, Patrick E. Murphy and Carlos Curbelo, introduced a bill that would allow states to approve private insurers to compete with the government-dominated flood insurance market.  They believe competition will result in better policies and pricing. In addition, they feel innovations involved in that process will ultimately ensure all flood insurance programs are better, including the National Flood Insurance Program.

H.R. 2918, the Flood Insurance Fairness Act of 2015 will expand upon last year’s Homeowner Flood Insurance Affordability Act, by providing relief for policies on non-primary residences and rental properties.   The sponsors believe the bill will guarantee that all non-primary residences and business properties receive the same rates provided to primary homes under HFIAA

A companion bill has also been reintroduced by U.S. Senators Dean Heller (R-NV) and Jon Tester (D-MT) titled the Flood Insurance Market Parity and Modernization Act which includes similar language.

NAMB, The Association of Mortgage Professionals has been closely working with Congress on these bills.  NAMB president, John Councilman, NAMB Government Affairs Chair, Valerie Saunders, and Florida Government Affairs Chair, Kimber White, all from Florida, stress the importance of bringing this relief.  “I am excited that we may finally be getting affordable flood insurance for everyone in the United States,” Councilman said. “We urge the Financial Services Committee and Congress to pass this legislation as quickly as possible to help American consumers and our economy.” he added.

A copy of H.R. 2918 can be found HERE

About NAMB – The Association of Mortgage Professionals:
Since 1973, NAMB-The Association of Mortgage Professionals has been the voice of the mortgage broker and mortgage loan originator industry, representing the interests of mortgage professionals and homebuyers. Its mission is to promote the highest degree of professionalism and ethical standards for members through programs and services such as education, professional certification and government affairs representation. In addition, NAMB members subscribe to a specific code of ethics and best lending practices that foster integrity, professionalism and confidentiality when working with consumers. For more information, visitwww.namb.org. Follow NAMB @NAMBpros

Media Contact:
Name: John Councilman, CMC, CRMS
Title: President
Phone: 239-267-2400
Email address:

Name: John H. P. Hudson, CRMS
Title: Communications Chair
Phone: 817-247-4766
Email address:

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The National Association of Mortgage Brokers (NAMB) is the voice of the mortgage broker industry, representing the interests of mortgage brokers and homebuyers since 1973. The Association is committed to promoting the highest degree of professionalism and ethical standards for its members. In addition to mandating members adhere to a professional code of ethics, NAMB provides mortgage brokers with professional education opportunities, and offers rigorous certification programs to recognize members with the highest levels of professional knowledge and education.

Contact:

Jon Otto
Phone: (703) 342-5851

National Association of Mortgage Brokers
7900 Westpark Dr., Suite T309
McLean, VA 22102

Phone: 703.342.5900
Fax: 703.342.5905

Chief Executive Officer
Roy DeLoach
Phone: 703-342-5900

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