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NFIP Set to Lapse on September 30th

Michael Christians • September 22, 2025

The current funding authorization for the National Flood Insurance Program (NFIP) will expire on September 30, 2025, without Congressional action.

The last long-term reauthorization of the NFIP occurred 13 years ago under the Biggert-Waters Flood Insurance Reform Act of 2012. Since then, Congress has only been able to reauthorize the program via short-term spending measures.

If the NFIP is allowed to lapse on September 30th, borrowers will not be able to purchase new flood insurance contracts. Existing NFIP contracts will remain in effect until the end of their current one-year policy term.

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Fannie and Freddie Adjust ROV Requirements

By Michael Christians • September 19, 2025

On September 3rd, Fannie Mae issued Selling Guide Announcement SEL-2025-07 , amending its reconsideration of value (ROV) requirements that went into effect in October 2024. Under the original rule, sellers were required to provide an ROV disclosure both at the time of application and again upon delivery of the appraisal copy to the applicant. The rule has been amended to require delivery of the ROV disclosure only at the time the appraisal copy is provided to the applicant. Freddie Mac followed suit in Bulletin 2025-12 and also removed the dual disclosure requirement. These changes come following HUD's elimination of all borrower-initiated ROV requirements in connection with FHA-insured loans.

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By Michael Christians • August 22, 2025

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