July 1, 2019 is the effective date for two major compliance events. This is a reminder that some of you have a lot of work to complete in the next 20 business days.
Mandatory Acceptance of Private Flood Insurance – Starting on Monday July 1, 2019 all financial institutions must be in compliance with the new Mandatory Purchase Requirements for Private Flood Insurance. By that date your policy and procedures must be updated and your employees must be trained.
Revised Uniform Residential Loan Application – Both the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Company (Freddie Mac) begin accepting the revised Uniform Residential Mortgage Loan Application form on July 1, 2019. By that date your policy and procedures must be updated and your employees must be trained.
To assist you with each of these topics we have developed short videos with additional information about the changes. To assist with updating your compliance management systems we have put together expanded packages that contain what you need to complete the required tasks.
For details about the changes click the appropriate following link for the free video:
For information about the compliance management system packages click the appropriate following link:
Premium Private Flood Insurance Compliance Management System
Revised Uniform Residential Loan Application – Compliance Management System
