Flood Insurance Essentials

This two-hour webinar explains the issues financial institutions face regarding flood insurance and the essentials needed to comply. Participants will receive a detailed manual that serves as a handbook long after the program is completed.

Flood Insurance rules have changed continuously over the past 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 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
  • 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.

Continuing Education (CE) Credits

This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.

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Kimberly Boatwright
Kimberly Boatwright

Kimberly Boatwright is EVP and Director of Risk and Compliance at Compliance Resource, LLC, and has more than two decades of experience working in the financial services industry. Ms. Boatwright is a ... read more.

Course TitleCreditsStart DateStart TimeEnd DateDelivery TypeDelivery OptionInstructor / LocationPrice
Flood Insurance Essentials Webinarn/a Any Any AnyWebinarOn-Demand Kimberly Boatwright$279.00 Register Now
Course TitleCreditsStart DateStart TimeEnd DateDelivery TypeDelivery OptionInstructor / LocationPrice
Delivery Options

Webinars for Banks and Credit Unions

Live Webinar:

INCLUDES 30 DAYS OF ONDEMAND PLAYBACK! With this option, you will participate in the webinar as it is being presented. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a phone for the audio. You can type and send your questions to the instructor.  And don’t worry if you miss the webinar, you can still view it for up to thirty days after it takes place!

Live Plus Twelve Months OnDemand Playback:

With this option, you will receive the live version, then you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. The link will be available to you (and anyone else in the company) for up to twelve months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.

Live, Twelve Months OnDemand Playback PLUS Digital Download:

By adding the Digital Download to your order, you will be adding access to make the webinar part of your training library.  You can pause, fast-forward and rewind as needed, which makes it an effective training tool. With this option, you will receive a download of the PowerPoint slides as well.  Access to the Digital Download is for the life of your library.

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