Compliance Resource training manuals are designed to be used when conducting in-house training, whether initial training upon implementation of the new requirement, periodic training for new team members or remedial training for longer-term team members. The revised flood rules are generally effective as of October 1, 2015, but the escrow requirement for flood insurance payments is effective January 1, 2016. The final flood regulations implement 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 Revised Flood Insurance Rules Training Manual provides comprehensive coverage of the recent revisions to flood insurance rules including the detached structure exemption, the permitted actions for force-placing flood insurance, the expanded Special Flood Hazards Notice and the flood insurance escrow requirements.