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Tag Archive for: Flood Insurance

Posts

Compliance

Legal Q&A: Revised Flood Q&As Provide Banks with Expanded, Organized Resource

By Scott Birrenkott

Q: Have the Agencies Finalized Their Revised Flood Q&As?

A: Yes. The OCC, FRB, FDIC, FCA, and NUCA (agencies) have reorganized, revised, and expanded the Interagency Questions and Answers Regarding Flood Insurance (Revised Flood Q&A).

Flood matters continue to be a hot topic with the examiners, and the Revised Flood Q&As are a helpful tool in working through many of the issues associated with flood compliance. The agencies previously issued flood interpretations, but those resources were scattered and found within various guidance documents such as the 2009 and 2011 Q&As. The Revised Flood Q&As supersede and replace those resources by consolidating and updating them into a single document.

The Revised Flood Q&As are organized by category and broken down into numerical designations within their categories. The agencies plan to update and manage these categories accordingly in the future. As an example of the benefit of the Revised Flood Q&As, examiners have recently been reviewing cross-collateralization and contents coverage calculations. The new category labeled “Other Security Interests” includes helpful discussion regarding such matters. For example, “Other Security Interests 7” discusses when flood insurance is required on contents, including examples of how to calculate. Question 8 then discusses a situation in which the contents might be located in another building, and question 9 covers applicability to contents taken as an “abundance of caution.” WBA has recently received questions regarding when contents coverage is required, as well as how to calculate insurable value when contents is included. These updated Q&As are helpful in understanding how the regulators view such situations.

While the flood rules themselves have not changed, the Revised Flood Q&As have been updated for ease of use and remain an excellent resource to consult when faced with a flood question. For any questions on flood matters or other compliance, also consider reaching out to WBA legal at wbalegal@wisbank.com or 608-441-1200.

July 11, 2022/by Jaclyn Lindquist
https://www.wisbank.com/wp-content/uploads/2021/09/Untitled-3_Lime-Green.jpg 972 1920 Jaclyn Lindquist https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Jaclyn Lindquist2022-07-11 08:15:522022-07-11 15:41:01Legal Q&A: Revised Flood Q&As Provide Banks with Expanded, Organized Resource

Events

Compliance, Lending, Webinar

Standard Flood Hazard Determination Form Line-by-Line

The epic flooding across the country this year has brought flood procedures and compliance front and center.
This line-by-line webinar will provide a host of tips, tools, and best practices for wading through the first wave of flood compliance and accurately completing the SFHDF.

After This Webinar You’ll Be Able To:

  • Understand the critical timing requirements related to the flood determination process
  • Identify valuable information listed on the SFHDF
  • Explain why the flood zone is no longer listed on a national flood insurance policy
  • Reference the Interagency Questions and Answers Regarding Flood Insurance applicable to the SFHDF process
  • Determine when an institution can rely on a previously issued determination
  • Describe what generates a Letter of Map Change
  • Use FEMA’s website to obtain flood map information
  • Request additional supporting materials from your determination service provider to verify existing loans located in a special flood hazard area
  • Recognize possible action steps to change a flood map

Webinar Details
A Standard Flood Hazard Determination Form (SFHDF) appears simple, but it is essential that lending staff has a strong understanding of its contents because it begins the process for meeting the Flood Disaster Protection Act requirements. This understanding includes recognizing when to obtain the initial determination, appropriately acting upon the information received, and providing the proper notice. In addition, this session will explore FEMA’s map tool and explain how to request a flood map change. It will also review materials that can be requested from your determination company to aid in identifying structure location and your institution’s loans located in a special flood hazard area.

Who Should Attend?
This informative session is designed for real estate lenders, loan processors, compliance staff, and audit personnel.

Take-Away Toolkit

  • Explanation of flood zones
  • Procedures for use of a prior SFHDF
  • Flood notice checklist
  • Instructions on how to determine if there has been a flood map change
  • Map change letter samples
  • Interagency Questions and Answers Regarding Flood Insurance separated by section for easy reference
  • Special flood hazard area loan worksheet
  • Employee training log
  • Interactive quiz
  • PDF of slides and speaker’s contact info for follow-up questions
  • Attendance certificate provided to self-report CE credits

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.

Presenter
Molly Stull — Brode Consulting Services, Inc.

Molly Stull began her career as a teller while working on her undergraduate degree and has continued working in the financial industry ever since. She has experienced the growth of a hometown bank, branch mergers, charter changes, name changes, etc. Stull has activated business resumption plans, performed secondary market quality control reviews, processed wires, filed SARs, and coordinated reviews with external auditors and examiners. Her favorite role has always been educating staff and strongly believes that if staff understands the reason for a process they will be more compelled to follow the procedures. Stull holds a bachelor’s from the University of Akron and an MBA from Ashland University.

Registration Options

  • $279 – Live Webinar Access
  • $279 – OnDemand Access + Digital Download
  • $379 – Both Live & On-Demand Access + Digital Download
February 3, 2023/by Katie Reiser
https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg 0 0 Katie Reiser https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Katie Reiser2023-02-03 10:07:502023-02-03 10:07:50Standard Flood Hazard Determination Form Line-by-Line
Compliance, Lending, Mortgage Lending

Residential Mortgage Lending School

The 2023 WBA Residential Mortgage Lending School will be held April 11 – 14 at the Wisconsin Bankers Association Office in Madison. Classes will begin at 9:00 a.m. and conclude at 2:30 p.m.

Students will gain the knowledge and tools needed to be successful in this complex and highly competitive field. You will learn from seasoned professionals the concepts needed to reach that success and also learn from your fellow students through case study work as you and other team members collaborate on assignments. 

Curriculum Includes:

  • Finance Basics
  • Compliance for Residential Mortgage Lenders, Including:
    • Truth in Lending (Regulation Z)
    • FACT Act
    • ECOA (Regulation B)
    • HMDA (Regulation C)
    • Flood Protection Act
    • SAFE Act
    • Fair Lending
  • Application Generation
  • Product Knowledge
    • Conventional mortgage products
    • Government programs available for residential loans
    • Construction loans
  • Underwriting
  • Application Process
  • Sales Skills
  • Title Insurance
  • Closing Documentation
  • Pricing Considerations
  • Valuable Networking Opportunites

Attendees will also participate in a group case study that encompasses the full curriculum.

Who Should Attend?

Personal bankers, consumer lenders, loan processors, closers and new residential mortgage lenders.

Registration Information:

The student fee of $1,045 includes program registration, instruction and materials, most meals, and a Real Estate Master II Qualifier Plus calculator. Enrollment Limit: 40.

July 29, 2022/by Miranda Gustafson
https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg 0 0 Miranda Gustafson https://www.wisbank.com/wp-content/uploads/2021/09/Wisconsin-Bankers-Association-logo.svg Miranda Gustafson2022-07-29 13:26:362022-12-29 07:56:06Residential Mortgage Lending School

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