Flood Insurance Review and Update Webinar
This two-hour webinar explains the new laws and final regulations. Participants receive a detailed manual that serves as a handbook long after the program is completed.
Webinar Description and Audience
WHAT? Flood Insurance rules have changed continuously over the past few 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 revises certain sections of Biggert-Waters, eliminates or delays other sections and creates new rules.
Since 2012, FEMA and the financial institution regulatory agencies (OCC, Federal Reserve Board, FDIC, Farm Credit Administration and NCUA) have been working on regulations to implement the numerous changes. The interagency final rules were published in June 2015.
The final rule implements certain provisions that were established under the Affordability Act such as the requirement to escrow for flood insurance premiums on residential improved real estate securing a loan, as well as, an exemption for mandatory flood insurance for specific detached structures. In addition to the requirements established by the Affordability Act, the final rule implements provisions of the Biggert-Waters regarding the force placement of flood insurance.
The final rule was generally effective as of October 1, 2015, but the escrow requirement for flood insurance payments were effective January 1, 2016. Requirements for private flood insurance have been proposed but are still pending.
WHY? This two-hour webinar explains the new laws and final regulations. Participants receive a detailed manual that serves as a handbook long after the program is completed.
•The requirements of the Biggert-Waters Flood Insurance Reform Act
•The requirements of the Homeowner Flood Insurance Affordability Act
•The requirements of the Interagency Final Rules including:
◦The exemption from coverage for any structure that is part of a residential property but is detached from the primary residential structure and does not serve as a residence
◦The requirement to escrow flood insurance premiums on residential improved real estate or a mobile home securing a loan that is made, increased, renewed, or extended as of January 1, 2016
◦The exemptions from the escrow requirements
◦The revised Flood Hazard notice
◦The requirement to offer the option to escrow flood insurance premiums and fees on loans outstanding as of January 1, 2016
◦The revisions to the rules for force-placing flood insurance
•The proposed rules that require lenders to accept private flood insurance
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.
Webinar Viewing Options
INCLUDES 7 DAYS OF ONDEMAND PLAYBACK! With this option, you will participate in the webinar (via the internet) 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 telephone for the audio. You can type and send your questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate at the same time. And don’t worry if you miss the webinar, you can still view it for up to seven days after it takes place!
SIX MONTH ONDEMAND VIDEO:
With this option, you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link to the media player 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 a very effective training tool. The OnDemand Video will be available to you (and anyone else in the company) for six months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.
If you do not have internet access or want to make the webinar part of your training library, the CD-ROM Recording is a great option for viewing a webinar. 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 and a CD-ROM Recording (featuring PowerPoint presentation with audio) of the webinar via regular mail. Mailed 7 to 10 days after the webinar takes place.
Webinars can be scheduled and offered exclusively for your company. They can even be customized to best fit your needs. To find out more, please complete the in-house request form found in the Schedule and Registration Information section below.
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.