WASHINGTON (2/6/13)--The Federal Emergency Management Agency (FEMA) has rescinded its Mandatory Purchase of Flood Insurance Guidelines booklet (F-083) saying the guide hadn't been updated since 2007 and was obsolete.
The guide booklet was originally produced to help lenders comply with National Flood Insurance Program (NFIP) requirements. However, the current version was made obsolete by recent legislation, "The Biggert-Waters Flood Insurance Reform Act of 2012."
The guidance is no longer available in hard copy format nor from the FEMA website as of Feb. 4.
FEMA suggested "lenders should consult their respective regulatory agency for information regarding compliance with the mandatory purchase requirements."
The agency said it will continue to provide assistance on NFIP-related questions regarding underwriting, rating, and claims processing.
For the full FEMA release, use the resource link.
Congress last year approved a five-year extension of the NFIP, and the extension legislation contained some reforms to the program. However, the NFIP has had issues in recent years, and House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas) has committed his panel to taking up the issue of flood insurance with a look at ways to privatize the flood insurance market.