Jan. 1, 2016 Revisions to Flood Insurance Rules Policy Update

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The January 1, 2016 Revisions to Flood Insurance Rules Policy Update communicates the Board’s intent to comply with the revised flood insurance rules generally effective as of October 1, 2015, but the escrow requirements for flood insurance premiums and revisions to the Flood Hazard Notice are effective January 1, 2016.

Description

Financial institutions have been implementing new regulations through board-approved policies for decades. As existing regulations are revised and new regulations are published existing polices need to be updated. Policy Updates are designed to simplify the task of updating existing policies, regardless of where the existing requirement is lodged.

The January 1, 2016 Revisions to Flood Insurance Rules Policy Update communicates the Board’s intent to comply with the revised flood insurance requirements which include: 1) expanding the Special Flood Hazard Notice to include information about the escrow requirement for residential loans and the availability of private flood insurance; 2) Subject to certain exceptions, require the escrow of all premiums and fees for any flood insurance required under the flood regulations for any designated loan secured by residential improved real estate or a mobile home that is made, increased, extended, or renewed on or after January 1, 2016; and 3) Subject to certain exemptions, require a notice to the borrower of an option to escrow premiums and fees for flood insurance for any loan secured by residential improved real estate or a mobile home outstanding on January 1, 2016. The revised flood rules were generally effective as of October 1, 2015, but escrow requirements for flood insurance premiums and revisions to the Flood Hazard Notice are effective January 1, 2016.

Products covering the detached structure exemption and force-placement of flood insurance revisions, effective October 1, 2015, are also available. We offer individual tools or a comprehensive package covering the flood insurance revisions effective October 1, 2015. You can find all these additional tools here in our Compliance Resource Marketplace.

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