Description
This two-hour on-demand session explains in detail the most common pitfalls and challenges related to flood insurance. In addition to a more thorough understanding of how your institution should be handling flood insurance, you’ll also come away with a detailed manual that can serve as a flood insurance handbook long after you’ve completed the program.
You will learn:
- When flood insurance is required, including pandemic relief situations that result in an increase, renewal, or an extension.
- How to determine the accurate amount of required insurance the borrower must purchase.
- What the purchase requirements are when multiple buildings are located on a property in a special flood hazard area.
- The final requirements for the mandatory acceptance of private flood insurance.
- The detached structure exemption and how to utilize it.
- The requirement to escrow flood insurance premiums and the exemptions allowed from the escrow requirements.
- The rules for force-placing flood insurance.
- Whether increasing a loan balance due to force-placing flood insurance requires an escrow account to be established.
- What steps should be taken if a flood hazard determination does not mirror the special flood hazard area dictated by the insurance company.
- How a financial institution should monitor those loans designated to be in a special flood hazard area.
Since July 2012 when Congress first passed the Biggert-Waters Flood Insurance Reform Act, the flood insurance rules have been under constant reconstruction and scrutiny from regulators. More recently, FEMA released the revised Standard Flood Hazard Determination Form (SFHDF) in 2021 after the previous version expired in 2018 and in May 2022 the agencies issued revised flood insurance Q & As.
Join us to wade through the myriad challenges of flood insurance and gain actionable best practices to take back to your FI.
WHO SHOULD ATTEND:
The program is designed for compliance officers, operations personnel, mortgage loan officers, loan originators and others involved in obtaining and maintaining flood insurance on mortgage loans.
