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Flood Insurance Extension Approved

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With the hurricane season upon us, lawmakers in Washington have voted for a temporary extension of the National Flood Insurance Program — a move applauded by mortgage bankers.

On Tuesday, the Senate voted to pass S.1182 – National Flood Insurance Program Extension Act of 2018. The bill was previously passed by the House on July 25.

The legislation amends the National Flood Insurance Act of 1968 to reauthorize the NFIP. However, the program extension only lasts through Nov. 30, 2018 — long enough to make it through the hurricane season.

A written statement from Mortgage Bankers Association President and Chief Executive Officer David H. Stevens praised Congress for passing the bill.

“This will protect residential and commercial real estate markets from potential harm, and provide stability for those that sell and administer the policies to millions of Americans,” Stevens said.

Over at the American Bankers Association, Rob Nichols, president and CEO of the trade group, also commended Congress for the vote.

Avoiding a lapse in program authority will protect borrowers from closing delays, additional costs and other complications,” Nichols noted.

Both Nichols and MBA’s Stevens were joined by National Association of Federally Insured Credit Unions Vice President of Legislative Affairs Brad Thaler in calling on Congress to reauthorize the program on a long-term basis.

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