"The NFIP is currently facing a Sept. 30 expiration, and trade groups are sounding the alarm as Congress returns for a month-long session"
What does this mean to you, in plain English: If you are selling or buying a home in a flood zone and your buyer doesn't get flood insurance before Sept 30th, and congress doesn't extend the NFIP, ( National Flood Insurance Program ), then you will not be able to close until they extend it. Sounds simple enough for congress to do but last time they didn't extend it for almost a month....so all of my closings that I was not able to get flood insurance in on time had to sit there. Let me tell you how much fun that is when you have a buyer and seller that don't understand, a bank with a short sale schedule that is not even realistic in the first place and a team of realtors calling you and asking why we aren't closing. Last time when it expired, the entire congress went on vacation. How could you go on vacation when there is a housing crisis and our economy depends on home sales... ugh. I'm going to stop here. Anyways, please make sure that your borrower and broker take care of this.
Hope this helps and call me if you have questions.