Flood Essentials and Updates

March 26, 2024

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Description:

This session examines the Flood Insurance regulations, and Interagency Questions and Answers, with a special focus on common issues and recommendations for achieving compliance.

Flood violations continue to cost institutions thousands of dollars of dollars every year! Join us to ensure your Flood Insurance program is up to scratch.

This session examines:

  • 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. o The requirement to offer the option to escrow flood insurance premiums and fees on loans outstanding as of January 1, 2016.
    • The revisions to the rules for force-placing flood insurance; and
    •  The requirements that lenders to accept private flood insurance.

BACKGROUND:

Though the Flood Insurance rules were initially introduced in the 1990s, they’ve had many changes and updates in more recent 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). Final rules implementing the two laws have been published and implemented in recent years. In May of 2022 the Agencies issued revised questions and answers (Q & As) regarding federal flood insurance law and the agencies’ implementing regulations that were effective immediately.

Compliance with the Flood Insurance regulations should be easy. Yet it continues to be one of the most commonly cited issues in violations and penalties. Join us to untangle the complexities of Flood Insurance and maintain a compliant program.

WHO SHOULD ATTEND:

The program is designed for loan operations management, lenders, risk managers, compliance officers, loan servicing personnel, auditors, and others with responsibilities related to obtaining Flood Insurance at origination and maintaining Flood Insurance throughout the life of a loan

 

 

Presenters:

Kimberly Boatwright

Kimberly Boatwright is EVP and Director of Risk and Compliance at Compliance Resource, LLC and has more than a two decades of experience working in the financial services industry. Ms. Boatwright is a well-regarded financial industry risk and compliance professional with a strong background in program development and implementation. She is a thought leader who specializes in Fair Lending, Anti-Money Laundering, OFAC and consumer compliance. During her career she has worked for and consulted with all types of financial institutions helping to establish and evolve compliance and risk programs. She is a frequent public speaker, trainer, and author on compliance and risk management topics. Kimberly is a Certified Regulatory Compliance Manager and a Certified Anti-Money Laundering Specialist.

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Price: $0.00
Start Time: 2:00 pm EDT
End Time: 3:30 pm EDT
Date:

March 26, 2024

Sorry, this event is expired and no longer available.