New MPFIG

Posted By: Dan Persfull

New MPFIG - 09/13/07 12:28 PM

I haven't checked this out yet but thought I'd go ahead and post the links.


-----Original Message-----
From: Expert-Support [mailto:Expert-Support@nfipstat.com]
Sent: Wednesday, September 12, 2007 5:51 PM
To: Dan Persfull
Subject: FW: Closing a Renewal With Force Placed Coverage (Customer Number-XXXXX)


Dear Mr. Persfull,



We received notice this afternoon that the new edition (September 2007) of the Mandatory Purchase of Flood Insurance Guidelines is available:

Resource File:
http://www.fema.gov/library/file;jsessio...50-000bdba87d5b (PDF 833K)

508 Accessible Format:
http://www.fema.gov/library/file;jsessio...50-000bdba87d5b (txt 376K)




Thank you,

The NFIP Help Center / KEB


Posted By: Sinatra Fan

Re: New MPFIG - 09/13/07 12:47 PM

Yup, it's there: 140 page .pdf file. Thanks for the "heads up" and the links, Dan!
Posted By: pjs

Re: New MPFIG - 09/13/07 02:48 PM

Thanks Dan too.
Posted By: Rocky P

Re: New MPFIG - 09/13/07 02:56 PM

Thank you - now for some light reading over the weekend.
Posted By: Reads Regs

Re: New Mand. Purchase of Flood Ins. Guidelines - 09/14/07 03:02 PM

Thanks for the links.

FEMA still has the 1999 version of the booklet on its web site. They have it broken up into smaller PDF files for various sections. See the following web page. http://www.fema.gov/business/nfip/mpurfi.shtm

The links Dan provided take you to the new booklet in a single PDF file. Perhaps FEMA is working on breaking up the new booklet into smaller sections and will soon remove the 1999 version and replace it with the new one.
Posted By: SMQ, CRCM

Re: New Mand. Purchase of Flood Ins. Guidelines - 09/17/07 09:35 PM

Has anyone found a summary of changes yet?
Posted By: Timex

Re: New Mand. Purchase of Flood Ins. Guidelines - 09/18/07 02:03 PM

I couldn't find a way to get it in the book form. Has anyone seen a way to get a book? Do they usually offer the book a few days after the PDF is online, or is there no hope for a book? Thanks.
Posted By: M Cockrell

Re: New Mand. Purchase of Flood Ins. Guidelines - 09/18/07 02:25 PM

not yet, but pg 10 of the resource file lists "highlights"
Posted By: LoisLane

Re: New Mand. Purchase of Flood Ins. Guidelines - 09/18/07 02:26 PM

Originally Posted By: SoccerMomQueen
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)
Posted By: Tillie

Re: New Mand. Purchase of Flood Ins. Guidelines - 09/18/07 04:55 PM

I was hoping to get a hard copy of booklet, too. It doesn't look like there is one available at this time.
Does anyone have any more information?
Posted By: David Dickinson

Re: New Mand. Purchase of Flood Ins. Guidelines - 09/18/07 05:03 PM

I spoke with Lena Thompson from FEMA today. Printed copies of the manual will be available in "early December". FEMA will post a notice on their website. There will be no charge for the booklet.

I'm also working on the changes. BOL is offering a webinar on the new Guidelines (I'm presenting and that's the earliest BOL and I could get together) on December 5th. I'm sure you'll be seeing the emails and announcements.
Posted By: Dan Persfull

Re: New Mand. Purchase of Flood Ins. Guidelines - 09/18/07 05:04 PM

The release just came out a few days ago and I'm sure most of us are still reading through it. In fact I've been so busy I haven't had a chance to read it at all yet.

I have no idea when the hard copies will be available. I do have it printed out and in a 3-ring binder though.
Posted By: waldensouth

Re: New Mand. Purchase of Flood Ins. Guidelines - 09/18/07 05:42 PM

Yes, but will the regulators play nice and go along with the fema guidelines concerning construction loans and the other changes? Any word from the FDIC yet?
Posted By: David Dickinson

Re: New Mand. Purchase of Flood Ins. Guidelines - 09/18/07 08:36 PM

There is a new Q&A coming out from the regulators (FFIEC). I've seen the draft of it. My secret, inside sources tell me it will be out by the end of December (we'll see). It addresses construction loans as well as many other issues that FEMA leaves gray.
Posted By: Reads Regs

Re: New Mand. Purchase of Flood Ins. Guidelines - 09/21/07 03:05 PM

Originally Posted By: Reads Regs

FEMA still has the 1999 version of the booklet on its web site. They have it broken up into smaller PDF files for various sections. See the following web page. http://www.fema.gov/business/nfip/mpurfi.shtm


The link in my post referenced above no longer works. FEMA has removed the 1999 version of the booklet from its web site.
Posted By: Sinatra Fan

Re: New Mand. Purchase of Flood Ins. Guidelines - 09/25/07 08:00 PM

Originally Posted By: LoisLane

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)


This new provision will definitely be helpful in determining the adequacy of coverage for condominium units. We did not see many dec pages with the RCV listed, and it was like pulling teeth to get the information.

Definitely more clarity and detail than before. The 1999 guide simply indicated that RCBAP encouraged at least 80% coverage, while the 2007 guide indicates that FEMA encourages 100% coverage. It also contains a statement that the 80% is an insurance tool and not a compliance tool.