Flood Insurance: Diving Deep on Calculations and Timing Requirements

Flood insurance compliance continues to cause challenges as evidenced by agency-issued compliance examination exceptions and the assessment of civil money penalties. Join us as we review the coverage requirements, explain how to calculate the minimum flood insurance amount, and explain the critical timing requirements of the Flood Disaster Protection Act.

Tuesday, August 20th, 2024
1:30 pm - 3:00 pm
Presented by Molly Stull
2 CRCM Credits
$299.00 or 1 Token

Includes: Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Auditing
  • Commercial/Business Lending
  • Compliance
  • General Compliance
  • Lending
  • Lending Compliance
  • Mortgage Lending
  • Commercial Lender
  • Compliance Officer
  • Internal Auditor
  • Mortgage Lender
  • Training Manager
  • Trainer

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Flood compliance causes institutions to be assessed civil money penalties for violations of the Flood Disaster Protection Act (FDPA), even though the basic regulatory requirements have remained the same for a number of years. Bottom line, adequate flood insurance is required to be in place when a MIRE (Make, Increase, Renew, or Extent) event occurs and the structure securing the loan is located in a special flood hazard area.

And on top of that, if the borrowers drop their flood insurance, your institution must force-place flood insurance in a timely manner. It’s critical that your institution makes accurate calculations and monitors timing requirements to ensure compliance with this regulation!

The components of an effective flood compliance management program include timely ordering of the determination; proper calculation of the minimum flood insurance coverage; fulfilling notice requirements; and evaluating flood policies.

Join us as we discuss the requirements of the FDPA so that you can ensure there are no leaks in your institution’s flood compliance program!

What You'll Learn

  • Identify when the flood insurance notice must be provided
  • Calculate the minimum amount of flood insurance required
  • Determine when the detached exemption is available
  • Explain the differences between an NFIP versus a private flood policy
  • Recognize timing requirements for force-placing flood insurance and refunding duplicate coverage premiums
  • Implement monitoring and tracking tools to aid with fulfilling compliance responsibilities
  • Utilize resources, including the Interagency Flood FAQs, when answering questions

Who Should Attend

This informative session is designed for commercial mortgage lenders, real estate lenders, loan closers, loan processors, compliance, risk, and audit personnel.

Molly Stull

Instructor Bio

Molly began her banking career on the teller line while working on her undergraduate degree and has continued working in the financial industry ever since. Some of her experience includes roles in operations, business resumption planning, consumer compliance, and conducting audits. Her favorite role is ensuring that her audience, whether on the sports field or in the financial industry, understands the "why" behind the rule. Her wealth of financial knowledge and her numerous years of experience enable her to relate the material to the audience.

Continuing Education Credit Information

Flood Insurance: Diving Deep on Calculations and Timing Requirements has been approved for 2 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.