The National Flood Insurance Program (NFIP) was created to help property owners protect themselves financially. The Flood Disaster Protection Act, its amendments and implementing regulations, make the purchase of flood insurance mandatory when a designated loan is located or will be located in a Special Flood Hazard Area.
This course will discuss the flood insurance requirements in detail to ensure compliance with the laws. It will also provide best practices for monitoring the banks real estate secured loans for flood compliance.
This course is intended for all personnel involved in real estate secured lending, including lenders, loan assistants, loan operations, and compliance. This course is intended for all personnel involved in real estate secured lending, including lenders, loan assistants, loan operations, and compliance.
- Know when to obtain a standard flood hazard determination form
- Understand what is required for acceptance of a private flood insurance policy
- Know how to provide the proper notices and disclosures
- Ensure you have sufficient insurance coverage for applicable loans
- Understand when escrow is required
- Understand when force placement occurs
- Implement best practices for ensuring flood insurance requirements are met
- Private Flood Insurance Rules
- Standard Flood Hazard Determination Form & Fees
- Notices and Disclosures
- Sufficient Coverage
- Force Placement
- Best Practices
Course length 43 minutes. This course is worth 0.75 CPE