Flood Fundamentals: Facts and FAQs - 2024
Presented by
Rebekah Leonard
This 2 hour webinar was recorded on July 16, 2024.
Hurricanes. Sea swells. Rainstorms. Snow melts. Ice jams. Any one of these things can cause flooding and substantial damage to your bank’s collateral and your customer’s property. FEMA, the government agency that exists to help Americans through the worst emergencies, doesn’t have the ability or desire to foot the bill for every Act of God that wreaks havoc on the land. So they require flood insurance to help manage the risk – through you, the friendly neighborhood banker. You are in a unique position to require insurance that property owners might not otherwise obtain. No insurance = no loan. This is an effective motivator!
Here's the problem: Flood compliance is COMPLICATED and INTIMIDATING. So many rules, so many details, so many fines! Examiners always pay great attention to flood compliance, because more often than not, they find violations… and one problem can sink into several penalties. No financial institution is immune – if you think you don’t have to worry about flood because you aren’t near the sea – think again!
At the heart of any sound flood compliance program is a solid understanding of the requirements and what they set out to accomplish. This foundational knowledge is crucial to make you a confident, capable, and reliable banker protecting both your institution’s assets and ratings, and your customer’s best interests too!
This 120 minute webinar will provide a life-raft of facts to help you navigate the turbulent and changing waters of flood compliance. Plus, get immersed in key 2022 Interagency FAQs that are crucial for interpreting and implementing a strong flood compliance management program.
Whether you are a compliance newbie or a seasoned veteran, this information will make you more flood-wise and savvy.
Learn foundational rules and requirements including:
- What properties must be insured
- What loans must be insured
- What can be waived and how
- What exceptions apply
- LOMCs, LOMAs, LOMRs, and LOMR-Fs
- Construction, condos and townhomes – special handling required
- Multiple buildings, multiple policies?
- Buildings that would be better off swept away – worthless / low value buildings
- Manufactured homes – the attachment issue
- Determination fees and the Finance Charge issue
- Ensuring proper coverage amount
- Insurable Value
- Ensuring proper evidence of insurance
- Contents coverage – not to be overlooked!
Rebekah Leonard
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