Has anyone found a summary of changes yet?
HIGHLIGHTS OF THE 2007 EDITION
--Includes discussion of the legislative history of the NFIP and describes the federally regulated lending agencies and the types of lending institutions they each supervise.
--Incorporates flowchart illustrating mandatory purchase process at loan origination. (Section A)
--Includes link to information about the NFIP and levees.
--Clarifies processing information for Letters of Map Change. (Section B)
--Explains options for purchasing coverage for buildings in the course of construction. Specifies that there is no 30-day waiting period for this coverage. (Section C)
--Includes the Program change that effective October 1, 2007, the Declarations Page of each Residential Condominium Building Association Policy (RCBAP) issued or renewed must
show the building’s Replacement Cost Value (RCV) and the number of units within that building. (Section D)
--Recommends 100-percent RCV for RCBAP coverage. Clarifies application of coinsurance penalties and loss assessments. Updates deductible information for Government-Sponsored
Enterprises. (Section D)
--Incorporates flowchart describing tripwires during the life of loan. Expands discussion of regulatory penalties. (Section E)
--Updates language referencing NFIP history and legal citations. (Appendix 1)
--Provides version of federally regulated agency lender regulations. (Appendix 2)
--Includes most current Standard Flood Hazard Determination Form. (Appendix 3)
--Provides two separate Sample Notices of Special Flood Hazard and Availability of Federal Disaster Relief Assistance – one for participating communities and one for non-participating
communities. (Appendix 4)
--Provides contact information for federally regulated lending agencies, GSEs, and flood-related resources. (Appendix 5)
--Expands waiting period discussion to correspond with the NFIP Flood Insurance Manual. (Appendix 6)
--Updates the Mortgage Portfolio Protection Program information. (Appendix 7)
--Updates the Glossary for consistency with the Flood Insurance Manual. (GLS)
--Expands the Index. (IND)