Flood…it’s a topic that causes many institutions to sink into the civil money penalty bucket because their flood compliance program sprung a leak. This class is designed to protect your institution from flash floods caused by not understanding the requirements of the Flood Disaster Protection Act.
During this webinar we will discuss the components of an effective flood compliance management program. Starting with the importance of timely ordering of the determination, action steps when the collateral is located in a special flood hazard area, fulfilling notice requirements and finally evaluating flood policies. But it doesn’t stop there! We will discuss elements of a monitoring program after the loan has originated and what to do when a policy must be force placed. Definitely a webinar designed to keep you from drowning in flood regulations including the recent requirement to accept private flood policies!
- Understand critical elements in the flood determination process
- Use weaknesses identified in recent audits as a tool to aid in strengthening your flood compliance program
- Calculate the minimum required amount of flood insurance
- Explain the differences between a NFIP policy compared to a private policy and what’s required when reviewing a private policy
- Watch for potential flood issues with third party service providers
Who Should Attend?
This informative session is designed for lenders, loan processors, compliance officers, risk officers and trainers.
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