$305.00 – $705.00
Recorded: January 30, 2023
Presented By: Leah Hamilton, Director, FORVIS, LLC
With the increase in flood penalties, both in amounts and in frequency, all banks should be aware of the heightened risks and costs that non-compliance with the flood rules can manifest. Five errors may not seem troublesome, but when that computes to a potential $12,000 plus penalty exposure, things are put into a different perspective. Join Leah for this webinar as she highlights key examiner flood findings, the real flood questions and examples and ways to mitigate your risk.
Is flood required for low-value buildings? What about collateral taken as an abundance of caution? What if some of the buildings are in a flood zone and some are not – can you apportion the loan amount? What if a private insurance policy has the safe harbor statement but in reviewing the policy we find it is not compliant – what do we do? What if there is a zone discrepancy and the borrower seeks a LOMA, LOMR or LODR – can we close the loan while the determination is pending?
These are just some of questions we will answer in this two and a half hour webinar – plus we will walk thru multiple real-life examples of calculating flood insurance coverage including multiple buildings securing the loan (all in, some in, and some not), single family residences – and the latest examiner hot button – calculating contents coverage. We will also highlight some key FAQs from the proposed Interagency Flood Q&As.
During the two and a half hour webinar, we will cover:
The Open the Flood Gates: Real Questions, Real Examples will be of value for loan officers (consumer and commercial), processors, underwriters, closers as well as compliance, audit and managers.
Program Level: Intermediate
Prerequisite: Basic Knowledge of Flood Insurance
Advanced Preparation: None
Field of Study: Specialized Knowledge
Any recording, transmission, retransmission, or republishing of any portion of this webinar is prohibited.