FHA Proposes Allowing Private Flood Insurance

The Federal Housing Administration on Tuesday proposed allowing a private flood insurance option instead of insurance through the National Flood Insurance Program when flood insurance is required by FHA. The rule would allow lenders to accept private flood insurance policies for single family insured loans for homes located in Federal Emergency Management Agency-designated Special Flood Hazard Areas. This would be consistent with similar provisions in use by other industry participants. “Our proposal would expand the options for obtaining flood insurance, rather than continuing to lock in borrowers to one federal option without any ability to comparison shop,” Assistant Secretary for Housing and Federal Housing Commissioner Dana Wade said. “We are also proposing important safeguards that will help protect borrowers, so…

HUD Official To Lead MISMO

Seth Appleton is leaving the U.S. Department of Housing and Urban Development and Ginnie Mae to serve as the new president of MISMO, the Mortgage Bankers Association announced Monday. MISMO is a non-profit subsidiary of MBA and is responsible for developing standards for exchanging information and conducting business in the mortgage finance industry in the United States. Appleton is the Assistant Secretary for Policy Development and Research at HUD and the Principal Executive Vice President at Ginnie Mae. “Seth’s considerable experience in senior leadership roles at HUD will serve MISMO well as it enters an exciting new phase of its standards development work,” MBA President and CEO Bob Broeksmit said. “MISMO is helping lead our industry into the digital future,…

HUD Secretary Tests Positive For Covid-19

Housing and Urban Development Secretary Ben Carson tested positive for Covid-19 on Monday, multiple news outlets reported. Carson, 69, attended a party at the White House on Election Night. White House Chief of Staff Mark Meadows tested positive for Covid-19 last week. “Secretary Carson has tested positive for the coronavirus,” Carson’s chief of staff, Coalter Baker, told ABC News in a statement. “He is in good spirits and feels fortunate to have access to effective therapeutics which aid and markedly speed his recovery.”…