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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 revises certain sections of Biggert-Waters, eliminates or delays other sections and creates new rules.
Since 2012, FEMA and the financial institution regulatory agencies (OCC, Federal Reserve Board, FDIC, Farm Credit Administration and NCUA) have been working on regulations to implement the numerous changes. The interagency final rules were published in June 2015.
The final rule implements certain provisions that were established under the Affordability Act such as the requirement to escrow for flood insurance premiums on residential improved real estate securing a loan, as well as, an exemption for mandatory flood insurance for specific detached structures. In addition to the requirements established by the Affordability Act, the final rule implements provisions of the Biggert-Waters regarding the force placement of flood insurance.
The final rule was generally effective as of October 1, 2015, but the escrow requirement for flood insurance payments were effective January 1, 2016. Requirements for private flood insurance have been proposed but are still pending.
This two-hour recording explains the new laws and final regulations. You’ll receive a detailed manual that serves as a handbook long after viewing the recording.
Upon completion of this program, participants understand recent actions including:
- The requirements of the Biggert-Waters Flood Insurance Reform Act;
- The requirements of the Homeowner Flood Insurance Affordability Act;
- The requirements of the Interagency Final Rules including:
- The exemption from coverage for any structure that is part of a residential property but is detached from the primary residential structure and does not serve as a residence;
- The requirement to escrow flood insurance premiums on residential improved real estate or a mobile home securing a loan that is made, increased, renewed, or extended as of January 1, 2016;
- The exemptions from the escrow requirements;
- The revised Flood Hazard notice;
- The requirement to offer the option to escrow flood insurance premiums and fees on loans outstanding as of January 1, 2016; and
- The revisions to the rules for force-placing flood insurance;
- The proposed rules that require lenders to accept private flood insurance.
The recording is designed for compliance officers, operations personnel, mortgage loan officers, loan originators and others involved in obtaining and maintaining flood insurance on mortgage loans.