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Private Flood Insurance Plan Falls Woefully Short, Lenders Say

Mar 01, 2017 - National Mortgage News

A regulatory proposal to allow banks and other mortgage lenders to accept private flood insurance on residential and commercial properties does not go far enough, according to industry groups.

While they support the intent of the plan, they argue it doesn't give lenders enough flexibility when it comes to relying on private flood insurance as an alternative to insurance policies backed by the National Flood Insurance Program.

"We remain concerned that the proposed rules will not succ...