Timing “lousy” for private flood insurance mortgage changes

Housing slump

This will “finally allow FHA insured borrowers freedom of choice”, according to Craig Poulton, CEO of Poulton Associates and owner of CATCoverage, but the timing could be better. It comes as America faces a mortgage slump, with mortgage application pace reportedly at its lowest since 1997 as of October, according to the Mortgage Bankers Association.

“The vast majority of times the private market only picks up a flood insurance policy when a new owner is created, or a new mortgage is created; it might be a refinanced mortgage, it might be a new owner situation, or if a

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