FEMA recently announced the release of a revised version of the Mandatory Purchase of Flood Insurance Guidelines (FEMA 186, September 2007). For lenders, this booklet has long been viewed as a necessity for understanding the obligations under the federal flood regulations. Last revised in 1999, this 2007 edition provides lenders with updated information and additional clarification on important topics such as condominium policy requirements, federal disaster assistance eligibility, and construction coverage.

While hardcopies of the document will not be made available by FEMA until December 2007, we have completed a review and prepared a Summary to assist you in recognizing some of the key points updated by FEMA. The booklet in its entirety is available on FEMA's website at http://www.fema.gov/library/viewRecord.do?id=2954. If you would like to discuss the changes made to this booklet, or have particular questions regarding its content, you can contact our Compliance Department at 1-800-447-1772.