In the November 23, 2020, issue of the Federal Register (85 FR 74630, click here), HUD published a proposed rule, with a request for public comment, that would amend FHA regulations to allow mortgagors the option to purchase private flood insurance on FHA-insured mortgages for properties located in Special Flood Hazard Areas (SFHAs), in satisfaction of the mandatory purchase requirement of the Flood Disaster Protection Act of 1973 (the FDPA).
Full Memorandum
