Flood-Understanding the Basics Webinar
Civil money penalties continued to be assessed 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 in a special flood hazard area. And on top of that, if the borrowers drop their flood insurance your institution must force place in a timely manner.
The components of an effective flood compliance management program include timely ordering of the determination; action steps when collateral is in a special flood hazard area; 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!
Covered Topics
- Understand critical elements in the flood determination process
- Calculate the minimum amount of flood insurance required
- Explain the differences between an NFIP versus a private flood policy
- Appropriately review 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
Who Should Attend
This informative session is designed for lenders, loan processors, lending staff, compliance officers, risk officers, and trainers.
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.
Instructor
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 ope... read more.
