Flood Insurance: Recent Revisions & Update
Flood Insurance rules are in turmoil. The interagency final rules were published in late June with a general effective date of October 1, 2015.
This webinar explains the mess of new laws and proposed and final regulations.
Flood Insurance rules are in turmoil. 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 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 late June.
The final rule implements certain provisions established under the Affordability Act such as the requirement to escrow for flood insurance premiums on residential improved real estate, as well as an exemption for mandatory flood insurance for specific detached structures. The final rule also implements provisions of the Biggert-Waters regarding the force placement of flood insurance.
The final rule is generally effective as of October 1, 2015, but the escrow requirement for flood insurance payments is effective January 1, 2016.
- Requirements of the Biggert-Waters Flood Insurance Reform Act;
- Requirements of the Homeowner Flood Insurance Affordability Act;
- Requirements of the Interagency Final Rules including:
- 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;
- 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
This two-hour webinar explains the mess of new laws, and proposed and final regulations. Participants receive a detailed manual that serves as a handbook long after the program is completed.
Compliance officers, operations personnel, mortgage loan officers, loan originators and others involved in obtaining and maintaining flood insurance on mortgage loans.
Jack Holzknecht, CRCM, is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 39 years. Jack’s career began as a federal bank examiner. He also headed the form and software division of a regional consulting company. He has developed and presented training programs to bankers in 43 states. He also developed and delivered training for the FDIC.
Kelly M. Owsley, CRCM, is Director of Training Services for Compliance Resource, LLC. Since 2000, she has worked for financial institutions ranging in asset size from $250 million to $3 billion. Kelly has worked in branch management, lending, product development and training. Recently, she served as VP of Compliance for a community bank where she was responsible for implementing and training all compliance related topics.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2 hours/session
Member price: $275.00 | Non member price $550.00
Member price: $295.00 | Non member price $560.00
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