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Got FEMA Money? You may be required to get Flood Insurance!

In a recent article published by The Louisiana Realtor’s Association titled “Obtain and Maintain” Insurance Requirements, it stated that those effected by the flood that received FEMA monies may be required to obtain flood insurance even if they are in a preferred rate area (the “x” flood zone).

Read the entire article here.

But there is good news….because these homeowners are in the preferred rate zone, they can get (at least at the writing of this post) very economical flood insurance, most under $500 per year.  If you fit this category, just give your homeowner’s insurance agent a call to add on the flood insurance.  It would also be wise to do this soon, before FEMA changes the flood maps and possibly puts you in a non-preferred rate zone in the future.  If you have insurance already when this is done, you will be grandfathered in at the lower rate.

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We’re ready for the TRID rules!

At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.

CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.

We’re working hard to be ready for all changes!

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Real Estate Roundup

Active Home-Building Industry Will Lead to More Demand for Warehouse Space

Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online

To Buy or Not to Buy: That Is the Developer’s Question

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Licensed in Louisiana and Mississippi