Program Description:
The rules covering flood insurance have been around for some time now; however, regulators and examiners have been giving them renewed emphasis in recent months. The feeling is that financial institutions have been slipping in their flood compliance, increasing the risk to borrowers and the institution both.
This session focuses on the specifics of flood insurance compliance: what to do, when you are required to do it, how to do it, and the penalties for noncompliance.
This two-hour course covers:
- What exactly do the flood insurance rules cover?
- Why do we have the flood insurance rules?
- What is a covered structure?
- Determinations: when you must do them, reliance upon previous determinations, and disputes over their results
- How much insurance you must require
- “Knowledge is King” – when you have to know
- Documentation: the Standard Flood Hazard Determination Form and notice to customers
- What must you monitor?
- Force-placing insurance – why and how
Plus frequent question and answer sessions throughout this presentation.
Who Should Attend:
This interactive session will give an in-depth understanding of these rules and is imperative for anyone performing duties in real estate lending areas of the financial institution. This includes loan officers, supervisors, auditors, closing agents, compliance officers, trainers and others working in these types of positions.
Presenter:
Carl Pry, J.D., Director of Fair Lending Compliance for KeyBank in Cleveland, Ohio. Mr. Pry provides a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues. He has spoken at dozens of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.
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