Description
Flood violations cited by examiners are on the rise. Issues most often arise when flood coverage lapses, and your financial institution is required to force place coverage. In this session we will discuss best practices for monitoring your portfolio to ensure proper flood insurance coverage is in place. We will detail when the required notices need to be sent to your borrower, when it’s time for you to put coverage in place and when and how you can charge the borrower for force placed insurance. We will dive into the Flood rules as well as the FAQs to guide our discussion.
Learning Objectives:
- Explain force-placement timing requirements
- Properly prepare a notice of underinsured or uninsured flood insurance coverage
- Recognize the amount of force-placed flood insurance is dependent on how the borrower will be charged for the premium and the loan contract
- Identify documentation necessary to demonstrate evidence of flood insurance coverage in connection with a lender’s refund of force-placed premiums
- Calculate the refunds for duplicate flood insurance coverage
- Recognize examiner identified force-placement exceptions
- Explain the action steps required upon a FEMA map changes a loan into a SFHA
Intended Audience:
This informative on-demand session is designed for Loan Operations Personnel, Compliance Officers, and anyone responsible for tracking and placing flood insurance at your institution.
* Please note that the recording links will be delivered to you via a downloadable PDF in your confirmation e-mail. The PowerPoint that corresponds with the recording will be automatically delivered upon purchasing via email from the website.
