Got Flood Questions? The NEW 2022 Flood Q&As Have Answers! - 2022
Recorded on August 4, 2022
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Flood compliance is complicated! The rules themselves are complex, and the details of each situation bring a torrent of different requirements to get right. The spectrum of issues is massive! Plus, much is at stake – floods cause catastrophic damage, taking a toll on your borrower’s property, your collateral, and your compliance program.
The regulatory agencies, recognizing how broad and complex these issues are, began in 1997 to issue Interagency Q&As on the technical requirements of Federal flood insurance laws. Over the years, the Interagency Q&A have been amended, expanded and updated, with 2011 bringing the most recent and long-standing Guidance… until now.
Much has happened in the past 11 years in the flood world, and there have been some major developments to understand. Not only was there the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014, but now FEMA is rolling out Risk Rating 2.0. All three of these actions have a direct impact on the Q&As.
This newest installment of the Q&As address those changes. Significant updates addressed by the revisions include:
In addition, the Q&As have been reorganized and are now divided into 19 topic categories. The reorganization was made to follow a better logical flow through the flood insurance process, as well as provide a completely new system of numbering of the Q&As. (So what you previously may have remembered as “Question #37” or “Answer #40” no longer exists!)
But wait, there’s more! Some of the Q&As have had portions of existing answers completely disappear, and brand-new Q&As have been added too.
The Agencies intend for the Q&As to provide meaningful guidance to help lenders meet their regulatory responsibilities. However, they did make a crucial distinction: They “are providing the interagency questions and answers as guidance only”, and they do not serve as the basis for supervisory action. This is great news for lenders! The Guidance offers practical advice, without setting a standard for violations. Superb!
Join this 2-hour webinar to get the facts about this signification Guidance. You will come away better informed and prepared to manage your flood compliance program. You may need to update bank policies and procedures to align with this Guidance – some answers provide relief to creditors!
What you’ll gain from attending this webinar:
All of these topics will be presented from the perspective and real-life experience of a veteran compliance pro (25 years!) who, like you, is currently working in the trenches of her bank as the voice of compliance.
WHO SHOULD ATTEND:
Compliance staff, loan administration / production staff, mortgage loan staff, loan policy makers, loan officers and audit staff.
Questions and Answers