Flood Insurance rules have changed continuously over the past few years. On July 6, 2012 Congress passed the Biggert-Waters Flood Insurance Reform Act (Biggert-Waters). On March 23, 2014 Congress passed the Homeowner Flood Insurance Affordability Act (Affordability Act). The Affordability Act revised certain sections of Biggert-Waters, eliminated or delayed other sections and created new rules. In June 2015, the financial institution regulatory agencies released final rules implementing many of the provisions of both of the above laws.
While these provisions are now a few years old, financial institutions are still dealing with issues and uncertainties regarding flood insurance requirements, including the detached structure exemption, force placement requirements, and escrow provisions. In addition to these newer requirements, other general provisions of the flood insurance requirements still plaque many financial institutions, for example, how much flood insurance coverage is required and how do we resolve discrepancies between a flood zone determination and an insurance company. Given these challenges, we are still faced with more uncertainty as the requirements for the mandatory acceptance of private flood insurance have been proposed but are still pending.
This two-hour webinar explains the top ten issues financial institutions face regarding flood insurance. Participants receive a detailed manual that serves as a handbook long after the program is completed.
Upon completion of this program, participants understand:
When flood insurance is required;
How to determine the accurate amount of required insurance the borrower must purchase;
What the purchase requirements are when multiple buildings are located on a property in a special flood hazard area;
The proposed requirements for the mandatory acceptance of private flood insurance;
The detached structure exemption and how to utilize it;
The requirement to escrow flood insurance premiums and the exemptions allowed from the escrow requirements;
The rules for force-placing flood insurance;
Whether increasing a loan balance due to force-placing flood insurance requires an escrow account to be established;
What steps should be taken if a flood hazard determination does not mirror the special flood hazard area dictated by the insurance company; and
How a financial institution should monitor those loans designated to be in a special flood hazard area.
The program is designed for compliance officers, operations personnel, mortgage loan officers, loan originators and others involved in obtaining and maintaining flood insurance on mortgage loans.
Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 42 years. In 37 years as a trainer over 130,000 bankers (and many examiners) have participated in Jack’s live seminars and webinars. Jack’s career began in 1976 as a federal bank examiner. He later headed the product and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by a number of state bankers associations. As a contractor he developed and delivered compliance training for the FDIC for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.
*This program will start at 2:00 PM EDT, 1:00 PM CDT, 12:00 PM MDT, or 11:00 AM PDT
This webinar will be recorded and sent to all registrants. You will receive links to the recording following the program. These recordings have unlimited viewings and are available for up to one year.
Implementing the New HMDA Rules Part 1 Webinar Recording