Diving Deep into Force-Placed Flood Insurance

Collections Compliance Lending Operations

On-Demand Webinar:

StreamedFeb 29, 2024Duration60 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 force placement.

In addition, there are specific documentation requirements for borrower notification. Learn how to successfully handle all aspects of force-placed flood insurance coverage.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

Explain force-placement timing requirements
Properly prepare a notice of underinsured or uninsured flood insurance coverage
Accurately calculate the amount of force-placed flood insurance
Identify documentation necessary to demonstrate flood insurance coverage in connection with a lender’s refund of force-placed premiums
Explain the action steps required upon a SFHA change due to a FEMA flood zone map change
Recognize examiner-identified force-placement exceptions

WEBINAR DETAILS

Weaknesses continue to be identified in the force placement of flood insurance. This webinar will go in-depth through the required actions when a designated loan is identified as being underinsured or even uninsured for required flood protection. Even after the activation of a force-placed policy, numerous steps must be followed to track and appropriately cancel a policy. You’ll learn the necessary measures from start to finish regarding force-placement requirements.

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

TESTIMONIALS

"The presenter was very knowledgeable and delivered the content in an easy to understand manner. I learned a lot from attending."

- Robyn, Magnifi Financial Credit Union

"This was a wonderful refresher on force placed flood insurance. With all of the changes in the past few years concerning private flood and the changes with NFIP, it was nice to have a deep dive into this specific topic."

- Denise, Liberty Bay Credit Union