WASHINGTON, DC—By now a number of organizations have weighed in on the need for Congress to renew the Terrorism Risk Insurance Program Reauthorization Act, which is scheduled to sunset at the end of the year. Now comes the Mortgage Bankers Association with its compelling set of data.
In March, MBA surveyed servicers overseeing on $1.5 trillion in outstanding commercial and multifamily mortgages, the requirement for terrorism risk insurance and its prevalence.
It found that 70%, or $1.1 trillion, of outstanding mortgages require terrorism insurance. Of that amount, 93%, or $989 billion, has coverage in place.
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