Product Update: Census Tract Data for 2024 Reporting Purposes to be Available Beginning April 14
As previously shared, on January 10, 2024 the FFIEC updated its geocoding mapping system to reflect changes announced by the State of Connecticut and by the Office of Management and Budget (OMB). According to the FFIEC, the changes apply to applicable loan transactions on or after January 1, 2024. For impacted clients that receive census tract and related data through our flood determinations, the new data will be available with completed flood determinations beginning April 14.
To receive files of census data for loan decisions going back to January 1, contact your CoreLogic account or portfolio representative or our compliance team at [email protected].
Learn more on the FFIEC website
NFIP’s Authority Extended through September 30, 2024
Congress passed and the President signed H.R. 2882 which provides funding for the federal government and authorizes the NFIP through September 30, 2024. While bills have been introduced which would provide standalone reauthorization of the NFIP, the NFIP’s authority remains tied to the federal budget approval process currently through the end of the fiscal year. Importantly, late last month the NFIP issued a bulletin to inform stakeholders that implementation of newly proposed guidance on lapses is delayed, as a result, the existing guidance for the handling of lapses in the NFIP remains in place.
We encourage your involvement with your respective trade association to provide support for a reauthorization of this important program.
If you want to learn about the National Flood Association and its efforts to encourage Congress to reauthorize the program, visit www.nfaflood.com or contact us at [email protected] .
Learn more on the Congress Gov website
FEMA Extends Comment Period on Proposed Homeowners Form
In February , FEMA issued a proposed rule to replace the existing Dwelling Form for single-family residential homes with the Homeowner Flood Form. The comment period for this proposed rule has been extended to May 31, 2024.
We encourage you to review the proposed new Homeowner Flood Form (beginning on page 8319) and consider engagement with your respective trade association based on the potential impact.