Flood Insurance rules have changed continuously over the past few 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 many of the provisions of both of the above laws.
While these provisions are now a few years old, financial institutions are still dealing with issues and uncertainties regarding flood insurance requirements, including the detached structure exemption, force placement requirements, and escrow provisions. In addition to these newer requirements, other general provisions of the flood insurance requirements still plaque many financial institutions, for example, how much flood insurance coverage is required and how do we resolve discrepancies between a flood zone determination and an insurance company. Given these challenges, we are still faced with more uncertainty as the requirements for the mandatory acceptance of private flood insurance have been proposed but are still pending.
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:
Who Should Attend?
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.
If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.