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Top Compliance Issues with Flood Programs

This session explains in detail the most common pitfalls and challenges related to flood insurance. In addition to a more thorough understanding of how your institution should be handling flood insurance, you’ll also come away with a detailed manual that can serve as a flood insurance handbook long after you’ve completed the program.

Upcoming
Wednesday, November 20th, 2024
10:00 am - 11:30 am
Presented by Kimberly Boatwright
2 CRCM Credits
$299.00 or 1 Token

Includes: Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Auditing
  • Commercial/Business Lending
  • Compliance
  • General Compliance
  • Lending
  • Lending Compliance
  • Mortgage Lending
  • Commercial Lender
  • Compliance Officer
  • Consumer Lender/Retail Banker
  • Internal Auditor
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Mortgage Lender
  • Risk Manager
  • Small Business Lender
  • Training Manager
  • Trainer

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Since July 2012, when Congress first passed the Biggert-Waters Flood Insurance Reform Act, the flood insurance rules have been under constant reconstruction and scrutiny from regulators.

More recently, FEMA released the revised Standard Flood Hazard Determination Form (SFHDF) in 2021 after the previous version expired in 2018. In May 2022, the agencies issued revised flood insurance Q&As.

Join us to wade through the myriad challenges of flood insurance and gain actionable best practices to take back to your institution.

What You'll Learn

  • When flood insurance is required, including pandemic relief situations that result in an increase, renewal, or an extension
  • How to determine the accurate amount of required insurance the borrower must purchase
  • What the purchase requirements are when multiple buildings are located on a property in a special flood hazard area
  • The final requirements for the mandatory acceptance of private flood insurance
  • The detached structure exemption and how to utilize it
  • The requirement to escrow flood insurance premiums and the exemptions allowed from the escrow requirements
  • The rules for force-placing flood insurance
  • Whether increasing a loan balance due to force-placing flood insurance requires an escrow account to be established
  • What steps should be taken if a flood hazard determination does not mirror the special flood hazard area dictated by the insurance company
  • How a financial institution should monitor those loans designated to be in a special flood hazard area

Who Should Attend

This program is designed for compliance officers, operations personnel, mortgage loan officers, loan originators, and others involved in obtaining and maintaining flood insurance on mortgage loans.

Kimberly Boatwright

Instructor Bio

Kimberly Boatwright is EVP and Director of Risk and Compliance at Compliance Resource, LLC, and has more than two decades of experience working in the financial services industry. Ms. Boatwright is a well-regarded financial industry risk and compliance professional with a strong background in program development and implementation. She is a thought leader who specializes in Fair Lending, Anti-Money Laundering, OFAC, and consumer compliance. During her career, she has worked for and consulted with all types of financial institutions helping to establish and evolve compliance and risk programs. She is a frequent public speaker, trainer, and author on compliance and risk management topics. Kimberly is a Certified Regulatory Compliance Manager and a Certified Anti-Money Laundering Specialist.

Continuing Education Credit Information

Top Compliance Issues with Flood Programs has been approved for 2 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for both Live and OnDemand viewing. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.

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