Flood Insurance: Compliance Issues and Hot Spots

Join us as we make a deep examination of the flood insurance regulations and interagency questions and answers. We will focus on problematic issues and questions with recommendations for compliant programs.

Recorded Friday,
January 26th, 2024
Presented by Carl Pry
2h total length
2.5 CRCM Credits
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Auditing
  • Commercial/Business Lending
  • Compliance
  • Lending
  • Lending Compliance
  • Reporting
  • Risk Management/Legal
  • Bank Legal Counsel
  • Branch Manager
  • Commercial Lender
  • Compliance Officer
  • Consumer Lender/Retail Banker
  • Credit Analyst
  • Internal Auditor
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Mortgage Lender
  • Private Banker
  • Risk Manager
  • Senior Management
  • Small Business Lender
  • Workout Specialist/Collector

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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.

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 for "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
  • Insurable value - what is it and how is it calculated
  • Coverage amounts: "normal" situations, condo coverage, multi-structure, and construction situations
  • Documentation and retention: the Standard Flood Hazard Determination Form, notice to customers, and proof of insurance
  • What 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, including loan officers, supervisors, auditors, closing agents, compliance officers, trainers, and others working in these types of positions.

Carl Pry

Instructor Bio

Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Senior Advisor for Asurity Advisors in Washington, DC. Through his more than 30-year 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 as the Chair of 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.

Continuing Education Credit Information

Flood Insurance: Compliance Issues and Hot Spots has been approved for 2.5 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for both Live and OnDemand viewing. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.