NMP - October 2016 - 61

nmp news flash continued from page 37 Bipartisan Effort Aims at Flood Insurance Reform The Office of Mortgage Settlement Oversight has stated JPMorgan Chase satisfied its consumer relief obligations, providing more than $4 billion well ahead of its deadline of Dec. 31, 2017. "Chase has satisfied its consumer Your turn National Mortgage Professional Magazine invites you to submit any information on regulatory changes, legislative updates, human interest stories or any other newsworthy items pertaining to the mortgage industry to the attention of: NMP News Flash column Phone #: (516) 409-5555 E-mail: newsroom@nmpmediacorp.com Note: Submissions sent via e-mail are preferred. The deadline for submissions is the 1st of the month prior to the target issue. Why choose MBS Highway? BARRY HABIB- THE ORIGINATOR OF THE MARKET ADVISORY SERVICE Daily guidance and insights from Mortgage Market expert Barry Habib. He closed over $2 Billion in production as a Loan Originator, called the bottom of the Housing Market and currently provides sales and market training to thousands of Loan Originators across the country. STATE OF THE ART, USER FRIENDLY WEBSITE We've taken great pride in building a website that uses new technology, and enhances the user experience. No matter where you are on our site, you'll always have market data in sight. Never miss a lock alert with our real time market news and alert system. EASILY SHAREABLE CONTENT With a touch of a button members are able to share charts showing the latest economic and housing data. REAL ESTATE DATA & INSIDER CONTENT Show the housing opportunity in your local market to customers and real estate agents. We will provide you with affordability levels, appreciation, resale volume, new construction, and job growth...updated monthly and easily shared. There is also additional content from Art Cashin, Kiplinger letters, and much more. MOBILE WEB APP CALCULATORS AND TOOLS Powerful and unique calculators to help you when presenting to customers. Buy vs. Rent, ARM vs. Fixed, Paying Points, and Amortization calculator are a few examples. You can save and share the results to beat your competition. What you're getting with your MBS Highway trial l Bond Quotes l Daily Video and Transcript l Interactive Charts l Lock/Float Advice l SMS Updates l Real Time Market News l Cashin's Corner l The Kiplinger Letters l Real Estate Market Data l By The Number$ l MBS TrendTRAKR l Social Share Try it FREE for 14 days at MBSHighway.com/MNN n National Mortgage Professional Magazine n OCTOBER 2016 Always stay in touch with the market when on the go with our Mobile Web App. It's fast and easy to use. Whether you have an iPhone, Android, Blackberry, Windows Phone, you'll always have access to MBS Highway. No downloads, no annoying updates, just visit m.mbshighway.com in your phone or tablet's browser. 61 NationalMortgageProfessional.com U.S. Reps Ed Royce (R-CA) and Earl Blumenauer (D-OR) have introduced HR 6196, the Repeatedly Flooded Communities Preparation Act, which seeks to mitigate the financial resources expended by the National Flood Insurance Program (NFIP) and taxpayers on claims for properties that have been flooded multiple times. In presenting this bill, the representatives noted there were more than 150,000 structures classified as "Repetitive Loss Properties" (RLPs) by the Federal Emergency Management Agency (FEMA) that comprise one percent of properties insured by the NFIP but total 25 to 30 percent of all flood claims. The new bill seeks to map repeatedly flooded properties and public infrastructure to determine the specific areas that should be priorities for voluntary buyouts, drainage improvements, or other mitigation efforts. It also seeks to develop and implement plans for mitigating flood risk in these problem areas, which would be submitted to FEMA. "It's said that insanity is doing the same thing over and over again and expecting different results, yet when it comes to the NFIP and properties that flood repeatedly, that's what we do," said Royce. "One NFIP-insured home valued at $69,000 flooded 34 times in 32 years and racked up $663,000 in claims; it's time to stop the madness for policyholders and taxpayers who subsidize this cycle." "Repetitive flood loss continues to place communities and families at risk, while shortchanging the federal taxpayer and all those who pay flood insurance premiums," said Rep. Blumenauer. "The good news is that even as the challenges mount, we know what to do. This legislation focuses on engaging communities in simple, self-help solutions that will make them safer, save them money, and ultimately, lead to the stabilization of the National Flood Insurance Program." Monitor: JP Morgan Chase Satisfies $4B MBS Settlement relief obligation," said Joseph A. Smith, Jr., the settlement monitor. "The servicer has provided more than $4.06 billion to more than 168,000 borrowers before the deadline specified in the settlement." This announcement marked Smith's final progress report regarding Chase's consumer relief obligation under its $13 billion settlement with the federal government and five states related to charges that Chase, Bear Stearns and Washington Mutual packaged and sold toxic residential mortgagebacked securities to investors before the 2008 financial crisis. http://www.NationalMortgageProfessional.com http://m.mbshighway.com http://www.MBSHighway.com/MNN

Table of Contents for the Digital Edition of NMP - October 2016

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