Top 10 Most Frequent Flood Issues

This two-hour webinar explains the top ten issues financial institutions face regarding flood insurance.

Recorded Wednesday,
October 5th, 2022
Presented by Jack Holzknecht
2h total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Commercial/Business Lending
  • Compliance
  • Lending
  • Lending Compliance
  • Mortgage Lending
  • Bank Legal Counsel
  • Branch Manager
  • Commercial Lender
  • Compliance Officer
  • Internal Auditor
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Mortgage Lender

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Flood Insurance rules have changed continuously over the years.

  • On July 6, 2012 Congress passed the Biggert-Waters Flood Insurance Reform Act (Biggert-Waters).
  • On March 23, 2014 Congress passed the Homeowner Flood Insurance Affordability Act (Affordability Act). The Affordability Act revised certain sections of Biggert-Waters, eliminated or delayed other sections, and created new rules.
  • In June 2015, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (jointly, the agencies) released final rules implementing most of the provisions of both of the above laws.
  • In January 2019, the agencies published final rules implementing the requirements for the mandatory purchase of private flood insurance.
  • During the Spring of 2021, the Federal Emergency Management Agency (FEMA) revised flood insurance declaration page to, among other items, remove the flood zone; which invalidates Flood Insurance FAQs that require the lender to compare the flood zone on the policy to the zone on the Standard Flood Hazard Determination form.
  • On September 30, 2021, FEMA released the revised Standard Flood Hazard Determination Form (SFHDF). The previous version expired on October 31, 2018.
  • On May 11, 2022, the agencies issued revised questions and answers (Q & As) regarding federal flood insurance law and the agencies; implementing regulations.

What You'll Learn

  • When flood insurance is required, including pandemic relief situations that result in an increase, renewal or an extension;
  • How to determine the accurate amount of required insurance the borrower must purchase;
  • What the purchase requirements are when multiple buildings are located on a property in a special flood hazard area;
  • The final requirements for the mandatory acceptance of private flood insurance;
  • The detached structure exemption and how to utilize it;
  • The requirement to escrow flood insurance premiums and the exemptions allowed from the escrow requirements;
  • The rules for force-placing flood insurance;
  • Whether increasing a loan balance due to force-placing flood insurance requires an escrow account to be established;
  • What steps should be taken if a flood hazard determination does not mirror the special flood hazard area dictated by the insurance company; and
  • How a financial institution should monitor those loans designated to be in a special flood hazard area.

Who Should Attend

The program is designed for compliance officers, operations personnel, mortgage loan officers, loan originators, and others involved in obtaining and maintaining flood insurance on mortgage loans.

Jack Holzknecht

Instructor Bio

Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 44 years. In 39 years as a trainer over 147,000 bankers (and many examiners) have participated in Jack's live seminars and webinars. Jack's career began in 1976 as a federal bank examiner. He later headed the product and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by a number of state bankers associations. As a contractor, he developed and delivered compliance training for the FDIC for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.