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.
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.
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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Instructor
Molly Stull
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.
