Deep Dive into Force-Placed Flood Insurance

On-Demand Webinar
StreamedFeb 17, 2022Duration60 minutes
  • Unlimited & shareable access starting
    two business days after live stream
  • Available on desktop, mobile & tablet devices 24/7
  • Take-away toolkit
  • Ability to download webinar video
  • Presenter's contact info for questions
See Registration Options

The Flood Disaster Protection Act requires time-sensitive actions by the lender...

...or its designated servicer during the force placement of a flood insurance policy.  However, recent enforcement actions have identified this as an area of weakness.  How do your policies and procedures stack up?

AFTER THIS WEBINAR YOU’LL BE ABLE TO:
  • Explain force-placement timing requirements
  • Properly prepare a notice of underinsured or uninsured flood insurance coverage
  • Understand the amount of force-placed flood insurance is dependent on how the borrower will be charged for the premium and the loan contract
  • Obtain documentation necessary to demonstrate evidence of flood insurance coverage in connection with a lender’s refund of force-placed premiums
  • Calculate refunds for duplicate flood insurance coverage
  • Recognize examiner-identified force-placement exceptions
  • Explain the action steps required when a FEMA map changes a loan into a SFHA

WEBINAR DETAILS

Numerous recent enforcement actions have identified weaknesses in force-placed flood insurance procedures.  Join this in-depth program for a thorough look at the required action steps when a designated loan is identified as being underinsured or uninsured for required flood protection.  Even after the activation of the force-placed policy, numerous steps are required to address duplicate coverage situations and refunds. This session will review the necessary steps and documentation requirements to force-place flood insurance from start to finish.

WHO SHOULD ATTEND?

This informative session is designed for lenders, loan processors, lending staff, compliance officers, risk officers, and trainers.

TAKE-AWAY TOOLKIT

  • Sample force-placed flood insurance procedures
  • Sample notice of insufficient flood insurance coverage
  • Force-placement transactional review checklist
  • SFHA tracking log
  • Employee training log
  • Interactive quiz
  • PDF of slides and speaker’s contact info for follow-up questions
  • Attendance certificate provided to self-report CE credits

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.

Presented By

Molly StullMolly Stull
Brode Consulting Services, Inc.
© 2022 FINANCIAL EDUCATION & DEVELOPMENT, INC