In case you didn't know, we have been hanging in limbo on properties that require flood insurance for several weeks now. The old FEMA flood insurance appropriation had expired and congress had not re-authorized until now. Congress approved the Continuing Extension ACT of 2010 (H.R. 4851), which includes a temporary extension of the Federal Emergency Management Agency's (FEMA) statutory authority to issue flood insurance policies under the National Flood Insurance Program (NFIP). The temporary amendment will expire on May 31, 2010. Many investors, such as Union Bank, Provident, and others, sent out announcements re-installing their previous flood insurance policies.
We are once again in the business of lending on properties that require federal flood insurance!
Art Marine
art.marine@academymortgage.com
Branch Manager/Loan Originator | Academy Mortgage Corporation
10220 SW Greenburg Road, Suite 250, Portland, OR 97223
o. 503-764-4005 | f. 1-866-510-4716
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