Flood Insurance Compliance

Loans in Areas Having Special Flood Hazards. Strengthening Compliance with Federal Flood Insurance Requirements

Lending institutions must notify borrowers and servicers of special flood hazards for loans in FEMA-identified areas. Before originating a loan secured by a property located in a special flood hazard area, your financial institution must meet the mandatory flood insurance purchase requirements outlined in federal law. This often presents a challenge, adding complexity and potential delays to the loan approval process.

Gain comprehensive insights into the intricacies of flood insurance, including regulatory mandates, proper use of the Standard Flood Hazard Determination Form, calculating adequate coverage, notifying borrowers and servicers of special hazards, mandatory escrow requirements, and best practices for force-placing insurance.

Regulatory compliance expert Michael Christians will lead this informative session on the latest updates to flood insurance purchase requirements and how to ensure compliance.

What You'll Learn

• Understand the intricacies of flood insurance
• Use of the Standard Flood Hazard Determination Form
• Determining the minimum amount of flood insurance coverage
• Providing the Notice of Special Flood Hazards to the borrower
• Requirement to escrow flood insurance premiums
• Force-placement of flood insurance