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Deep Dive into Force-Placed Flood Insurance

Feb 15 2:00 PM - Feb 15, 2022 3:00 PM
Feb 15, 2022 2:00 PM - 3:00 PM
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The Flood Disaster Protection Act requires time-sensitive actions by the lender or its designated servicer during the force placement of a flood insurance policy. However, recent enforcement actions have identified this as an area of weakness. How do your policies and procedures stack up?

Learning Objectives

  • Explain force-placement timing requirements
  • Properly prepare a notice of underinsured or uninsured flood insurance coverage
  • Understand the amount of force-placed flood insurance is dependent on how the borrower will be charged for the premium and the loan contract
  • Obtain documentation necessary to demonstrate evidence of flood insurance coverage in connection with a lender’s refund of force-placed premiums
  • Calculate refunds for duplicate flood insurance coverage
  • Recognize examiner-identified force-placement exceptions
  • Explain the action steps required when a FEMA map changes a loan into a SFHA

Numerous recent enforcement actions have identified weaknesses in force-placed flood insurance procedures. Join this in-depth program for a thorough look at the required action steps when a designated loan is identified as being underinsured or uninsured for required flood protection. Even after the activation of the force-placed policy, numerous steps are required to address duplicate coverage situations and refunds. This session will review the necessary steps and documentation requirements to force-place flood insurance from start to finish.



Molly Stull, Brode Consulting Services, Inc.

Molly Stull began her career as a teller while working on her undergraduate degree and has continued working in the financial industry ever since. She has experienced the growth of a hometown bank, branch mergers, charter changes, name changes, etc. Molly has activated business resumption plans, performed secondary market quality control reviews, processed wires, filed SARs, and coordinated reviews with external auditors and examiners. Her favorite role has always been educating staff and strongly believes that if staff understands the reason for a process they will be more compelled to follow the procedures. Molly holds a bachelor’s from the University of Akron and an MBA from Ashland University.




Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Lending & Collections
  • Compliance