Flood Insurance: Compliance Issues and Enforcement Topics, including New Q&As

Carl Pry
From: Aug 29, 2022 - To: Dec 31, 2022
Recorded Webinar


Compliance with the flood insurance regulations should be easy - determine where the property is, and if it's in a flood zone, require insurance. Simple, right? Why then are there so many violations and penalties? The answer, of course, is that this seemingly simple issue has many complexities. The rules have been around since 1996, yet examiners continue to cite numerous violations and fines. Flood is always one of the regulators’ principal areas of concern. We’ve also had many changes in the law over the years. And now (finally) we have updated Interagency Questions and Answers that clarify many points regarding the changes, which is certainly welcome.

There are many significant issues out there. In this webinar, we'll concentrate on them, including monitoring, content coverage, privacy policies, amount of coverage, force placement, and the ever-present condo problem, by talking through sample scenarios and explaining best practices in keeping your portfolio covered.

Learning Objectives:-

  • What exactly do the flood insurance rules cover? "Covered loan" vs. "Designated loan"
  • What is an insurable structure or an insurable mobile home?
  • Determinations: when you must do them, reliance upon previous determinations, disputes over their results, and the role of life-of-loan coverage
  • Flood zone discrepancies - how to deal with them
  • Insurable value - what is it and how is it calculated? Is it 100% RCV?
  • Coverage Amounts: "Normal" situations, condo coverage, multi-structure, and construction situations
  • "Knowledge is King" - when you have to know
  • Documentation and retention: the Standard Flood Hazard Determination Form, notice to customers, and proof of insurance
  • What do you have to monitor?
  • The types of policies and their limitations, including NFIP and private policies
  • Private flood policies - criteria for acceptance
  • Detached structure guidance, and insuring multiple structures
  • Force-placing insurance - when, why, and how
  • Insurance premiums and potential Congressional action
  • Continuing regulatory expectations

Who Should Attend:-

This interactive session will give an in-depth understanding of these rules and is imperative for anyone performing duties in real estate lending areas of the financial institution. This includes loan officers, supervisors, auditors, closing agents, compliance officers, trainers, and others working in these types of positions.

"Carl is a wealth of knowledge in all things compliance and I would not have passed my CRCM exam if it wasn't for listening to many of his webinars along the way." -- Don Savino, SVP Risk Management, Pacific Western Bank

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