Description
The National Flood Insurance Program (NFIP) is set to expire September 30th, 2024, unless congress votes to extend it. Is your institution prepared to handle a Flood Insurance Lapse? This on-demand session is a concise 1-hour and covers everything you need to know regarding a potential flood insurance lapse from a compliance perspective.
On numerous occasions over the years Congress or the President has temporarily failed to provide funding that allows the Federal Emergency Management Agency (FEMA) to continue the National Flood Insurance Program (NFIP).
Major flooding during the summer of 2017 bankrupted the NFIP again. Annually, since then we have continued to have major Flooding disasters all over the United States. Congress has been debating the future of the NFIP and has continued the Program with a series of temporary funding measures. There have been lapses along the way. Since the end of FY2017, 25 short-term NFIP reauthorizations have been enacted.
With the potential lack of availability of FEMA flood policies what option do lenders have? Can loans secured by a building or mobile home located in a special flood hazard area be closed without FEMA coverage? Join us in this training session to uncover the answers to those questions!
(Originally recorded in 2023.)
This training includes a 36-page training manual that serves as a handbook long after this on-demand session has been viewed.
