Introduction to Flood Insurance
When it comes to flood insurance compliance there is a lot to remember and even more ways to mess it up. There are determinations to pull, notices to provide, calculations to make, timing requirements to follow, etc. There’s little to no room for error and failure to comply can result in hefty civil money penalties. This is an area you want to ensure your financial institution gets right!
New to flood insurance compliance? Need a refresher on the basics? Check out our webinar, “An Introduction to Flood Insurance”, which is available now OnDemand. Here’s one of the questions we received during the webinar:
Question: Will you explain further on what constitutes a loan being “modified” (e.g., rate changes only, payment schedule change only)? What if there is not an extension in the modification?
Answer: A modification can be just about any change to the loan agreement, although Regulation Z does prohibit you from adding a variable-rate feature or going from open-end to closed-end (or vice versa) without giving new disclosures. Flood insurance requirements are triggered whenever you make, increase, renew/refinance, or extend a loan agreement – whether the change is made with a new agreement or modification to an existing agreement.
As with all of our training, you can expect our signature plain English style. Check out this clip from the webinar:
Published
2021/10/01
David Dickinson
David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.
He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.
David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.