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The Flood Disaster Protection Act - Understanding the Basics

It’s imperative that there are no leaks with your institution’s Flood Disaster Protection Act compliance program. Not only are FDPA civil money penalties frequently issued, but floods do occur across the country. Join us to ensure that your institution’s policies, procedures and training are adequately protecting the institution from flooding risk.

OnDemand
Recorded Monday,
June 5th, 2023
Presented by Molly Stull
1h 30m total length
2 CRCM Credits
$279.00 or 1 Token

Includes: 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
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Mortgage Lender
  • Risk Manager

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Flood compliance continues to cause 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 insurance in a timely manner.

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

  • Understand critical elements of the Standard Flood Hazard Determination Form (SFHDF)
  • 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
  • Appropriately analyze a private flood policy
  • Recognize timing requirements for force placing flood insurance
  • Watch for potential flood issues with third-party service providers
  • 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

The Flood Disaster Protection Act - Understanding the Basics 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.

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