Extending the National Flood Insurance Program

first_img flood NAHB NAR nfip 2019-06-10 Seth Welborn Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Financial Services Committee Chair Maxine Waters and Ranking Member Patrick McHenry have reached an agreement on a five-year reauthorization of the National Flood Insurance Program (NFIP) through Sept. 30, 2024.The National Association of Homebuilders (NAHB) and the National Association of Realtors (NAR) have both expressed their satisfaction with the deal.“The National Association of Realtors applauds Chairwoman Waters and Ranking Member McHenry for working towards a bipartisan, long-term solution for the National Flood Insurance Program,” said NAR President John Smaby. “This legislation addresses many critical NAR priorities, including long-term reauthorization, strengthening mapping and mitigation, and facilitating a more robust private insurance market. While we continue reviewing this bill, NAR thanks the Chairwoman and Ranking Member for their genuine efforts to move comprehensive reauthorization legislation forward.”“The NFIP has played a critical role in determining the use and development of flood-prone areas and managing the risk of flooding for residential properties,” said the NAHB in a statement. “A strong NFIP helps ensure that the housing industry can provide safe, decent and affordable housing to consumers under the direction of local jurisdictions.According to the NAHB, Waters and McHenry’s agreement would:Increase funding for flood risk mapping and mitigation.Provide premium credits for not currently recognized mitigation activity.Create a new zone to account for levee-protected areas.Establish umbrella coverage options for multifamily development.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 Five Star Institute will host its Disaster Preparedness Symposium on July 31 in New Orleans, Louisiana. Natural disasters impact investors, service providers, mortgage servicers, government agencies, legal professionals, lenders, property preservation companies, and—most importantly—homeowners. The 2019 Five Star Disaster Preparedness Symposium will include critical conversations on the response, reaction, and assistance, to ensure the industry is ready to lend the proper support the next time a natural disaster strikes.  Print This Post Extending the National Flood Insurance Program June 10, 2019 2,487 Views Demand Propels Home Prices Upward 2 days ago Home / Daily Dose / Extending the National Flood Insurance Program Related Articles in Daily Dose, Featured, Loss Mitigation, Market Studies, News About Author: Seth Welborn Demand Propels Home Prices Upward 2 days agocenter_img Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Tagged with: flood NAHB NAR nfip Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Previous: The Impact of Rent Demand Next: Foreclosure Sales: The Investor Outlooklast_img read more

The Value of Rent Payment Reporting

first_img Servicers Navigate the Post-Pandemic World 2 days ago Rent reporting to credit bureaus can more renters to make payments on time according to a survey by TransUnion.The survey, which includes responses from 1,330 current renters in the U.S. found that 73% of renters would be more likely to make on-time payments if property managers reported rent payments to a credit bureau. When given a choice between two similar properties, the survey found that 67% of renters in the survey said they would choose the rental unit with reporting already in place.Underlining the importance of on-time payments for both property owners and renters, the survey revealed that nearly 82% of management companies would report rent payment if that would incentivize consumers to pay timely.”Property managers that offer rent payment reporting are incentivizing residents to pay on-time because there is a tangible benefit,” said Maitri Johnson, VP of Multifamily at TransUnion. “Consumers that pay their rent on time – especially those who are younger and new to credit – can see this alternative data source help them to build their credit history towards a more secure financial future.”In fact, the survey revealed that rent reporting could also benefit subprime consumers. It found that consumers falling in this category were likely to see their credit scores increasing by “as much as 26 basis points,” following a year of rent payment reporting. Additionally, rent reporting helped 100% of consumers whose credit scores were unscorable at the time of application to “become scorable.””We are bringing more awareness to the prospect of rent payment reporting because both renters and property managers can reap the benefits of this practice,” Johnson said.When asked if they would report rent to avoid evictions, 82% of the respondents said that they would report payments if it would lower the risk of evictions or renters who skip payments. Furthermore, over 84% of property owners said that they would report the resident’s rent payments to the credit bureau if it attracted more renters who paid on time. Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Home HOUSING Property Rent Renters TransUnion Sign up for DS News Daily Previous: The Industry Pulse: Updates on Black Knight, Flagstar, and More Next: Racial Disparities in Lending and Foreclosure Trends About Author: Radhika Ojha The Value of Rent Payment Reporting Home / Daily Dose / The Value of Rent Payment Reporting The Best Markets For Residential Property Investors 2 days ago Share Save Demand Propels Home Prices Upward 2 days agocenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago July 4, 2019 1,342 Views Home HOUSING Property Rent Renters TransUnion 2019-07-04 Radhika Ojha Related Articles in Daily Dose, Featured, Market Studies, News Subscribelast_img read more