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

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, contents coverage, private 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.

What You’ll Learn

  • 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.

Presenter Bio
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Managing Director for Treliant Risk Advisors in Washington, D.C. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at scores of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.

Registration Options

Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts $279

  • Available Upgrades:
    • 12 Months OnDemand Playback + $110
    • 12 Months OnDemand Playback + CD + $140
    • Additional Live Access + $75 per person

Date

Jul 28 2022
Expired!

Time

10:00 am - 12:00 pm

Cost

$279.00

More Info

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