The flood insurance regulations have been around since 1996, yet examiners continue to cite numerous violations and fines. Flood has been announced as one of the regulators' principal areas of concern. We've also had changes in the law, with the Biggert-Waters Flood Insurance Reform Act of 2012, that has influenced compliance efforts.
There are still significant issues out there, which the regulators are still attempting to deal with through their questions and answers process. There were finally some clarifications issued on a few issues, but questions remain. A quick look around also shows that more than a few lenders out there are being fined for flood problems, and the penalty amounts are not a laughing matter.
We'll concentrate on some of the more vexing issues in flood compliance, such as monitoring, contents coverage, and the ever-present condo problem, by talking through sample scenarios and explaining best practices in keeping your portfolio covered.
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.
If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.