Flood KNOWLEDGE. CLARITY. RELIABILITY.

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Presentation transcript:

Flood KNOWLEDGE. CLARITY. RELIABILITY. www.compliancealliance.com (888) 353-3933

Agenda Scope Determination Minimum Amount of Flood Insurance Force Placement NFIP Reauthorization Record Retention Enforcement

Scope Buildings Mobile homes SFHA MIRE Events

Detached structures Residential Property Not a Residence

Determination SFHD Reuse Disputes Discrepancies

Notices SFHA Notice Servicer Identity 10 days Insurance agent Acknowledged 10 days Insurance agent

Minimum Amount of Insurance Principal Loan Balance NFIP Maximum Insurable Value

Contents Coverage ACV $100k $500k

Condominiums RCBAP $250k x units $500k building

Forced-Place Insurance Upon knowledge 45 day notice Charge Day 1 Cancellation

Escrow Consumer Purpose Exemption Residential property MIRE Events Business purpose Subordinate liens HOA/RCBAP HELOCS Non-Performing 12 months or less

NFIP REauthorization 8 or 9 times Bank Plan Private Policies Safety and Soundness

Private Flood Insurance 7/1/2019 Written Assurances Flood Criteria Bank Discretion Mutual Aid Societies

Records & Enforcement Life of Loan $2k per violation No cap

Scenarios 1 - 12 Pgs. 6-10