by Newbold | Jul 5, 2022 | Compliance, Flood Insurance
On the heels of a recent HUD audit on flood insurance, regulators put lenders on notice. They found 31,500 federally backed loans in flood zones without flood insurance, exposing lenders to more than $4.5 billion in risk. This news is a wake-up call to lenders to take...
by Newbold | Jun 17, 2022 | Compliance, Flood Insurance
As a lender, you are under increasing scrutiny by regulators to comply with federal flood insurance requirements. To avoid the risk of non-compliant loans and financial penalties, you need to understand four main areas before closing a loan in a FEMA-designated flood...
by Newbold | May 13, 2022 | Compliance, Flood Insurance, Mortgage
HUD audit reveals $4.5 billion risk to lenders from flood insurance gaps In 2020, loan servicers were exposed to $4.5 billion in risk due to lack of proper flood insurance. This, according to a HUD’s Office of Inspector General’s (OIG’s) audit of FHA-insured...
