Deep Dive into Force-Placed Flood Insurance

Collections Compliance Lending Operations

On-Demand Webinar:

StreamedFeb 15, 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

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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 agency is prohibited. Print materials may be copied for eligible participants only.

Presented By

Molly Stull