|Event Date||Wed Dec 22 EST (29 days ago)|
Is flood insurance 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 key FAQs from the proposed Interagency Flood Q&As.
We will cover:
• Mandatory flood insurance requirements overview
• Questions from lenders just like you on:
- Force placement
- Mandatory escrows
- Coverage requirements for 1-4 residentials, condos/RCBAP, commercial building and contents, subordinate lines, HELOCs
- Zone discrepancies
- Coverage requirements
- Non-compliance issues, including when civil money penalties are required
- Proposed Interagency FAQs
Vice President, Senior Consultant, ProBank Austin