Force-Placed Flood Insurance: Timing, Monitoring & Documenting
Do you understand the multitude of details surrounding force-placed flood insurance? They include placement timing requirements, proper notices, calculating the amount of insurance (or refunds), documentation, reading FEMA maps, and more. Examiners are increasingly citing flood violations, so it’s imperative that handling these issues becomes second nature. Join this webinar to learn best practices and get a bevy of useful tools.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Explain force-placement timing requirements
- Properly prepare a notice of underinsured or uninsured flood insurance coverage
- Realize the amount of force-placed flood insurance is dependent on how the borrower will be charged for the premium and the loan contract
- Identify documentation necessary to demonstrate evidence of flood insurance coverage in connection with a lender’s refund of force-placed premiums
- Calculate the refunds for duplicate flood insurance coverage
- Recognize examiner-identified force-placement exceptions
- Explain the action steps required when a FEMA map changes a loan into a SFHA
WEBINAR DETAILS
Examiner-cited flood violations are increasing. Issues most often arise when flood coverage lapses, and a financial institution is required to force-place coverage. This session will address best practices for monitoring and ensuring your portfolio has proper flood insurance coverage in place. It will detail when the required borrower notices must be sent, when to place coverage, and when and how the borrower can be charged for force-placed insurance. This webinar will dive deep into the flood rules and FAQs.
WHO SHOULD ATTEND?
This informative session is designed for loan operations personnel, compliance officers, and anyone responsible for tracking and placing flood insurance at your institution.
