Top 10 Most Frequent Flood Issues - 2021
Recorded on May 25, 2021 - 2 hours
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Flood Insurance rules have changed continuously over the past 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). The Affordability Act revised certain sections of Biggert-Waters, eliminated or delayed other sections and created new rules.
In June 2015, the financial institution regulatory agencies released final rules implementing most of the provisions of both of the above laws.
In January 2019, the financial institution regulatory agencies published final rules implementing the requirements for the mandatory purchase of private flood insurance.
On June 26, 2020, the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration released proposed new and revised Interagency Questions and Answers Regarding Flood Insurance (FAQs). The updates include, but are not limited to, the detached structure exemption, escrow requirements, and force-placement rules. The comment period ended on September 4, 2020. Final FAQs are expected soon
Financial institutions are still dealing with issues and uncertainties regarding flood insurance requirements, including the detached structure exemption, force placement requirements, and escrow provisions. Once complete the FAQs will resolve many of those problems. Other provisions of the flood insurance requirements still plaque many financial institutions.
This two-hour webinar explains the top ten issues financial institutions face regarding flood insurance. Participants receive a detailed manual that serves as a handbook long after the program is completed.
Upon completion of this program, participants understand:
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.
Questions and Answers