Where Does Flood Insurance Go Wrong?
Flood insurance compliance looks straightforward – until your next exam tells a different story. From determinations, monitoring, and contents coverage to private policies, force-placement, and escrow, lenders are tripping over the same “simple” rules and racking up costly violations year after year. This webinar will break down the most common problem areas examiners are targeting right now and show you how to spot, fix, and prevent flood mistakes before they turn into findings and fines.
KEY WEBINAR TAKEAWAYS
- Chief risks when dealing with flood insurance requirements – where do lenders typically go wrong?
- Helpful operational tips for effective compliance
- When do the requirements apply – what is an insurable structure? What about construction situations? How about condo units?
- Different types of flood insurance policies, and their impact on your determination of how much insurance to require
BONUS MATERIALS
- Website links to all applicable legal and regulatory requirements.
- Helpful charts to better understand the various requirements.
WEBINAR DETAILS
Compliance with the flood insurance regulations should be easy – determine where the structure is (assuming it’s insurable), and if it’s in a high-risk 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.
There are many significant issues out there, and it’s easy to run afoul of the requirements. In this webinar, we’ll concentrate on them, including determinations, monitoring, contents coverage, private policies, amount of coverage, force-placement, and escrow requirements, among others. We’ll devote special attention to those issues that typically cause lenders problems, as well as those that are the focus of many a regulatory violation and fine.
