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On September 18, 2007 FEMA published an updated Mandatory Purchase of Flood Insurance Guidelines booklet that clarifies how to handle important flood insurance issues using industry best practices.  Then on March 21, 2008, the federal regulators published proposed “Interagency Questions and Answers Regarding Flood Insurance” (2008 Interagency Questions and Answers). These proposed 2008 Interagency Questions and Answers are focused on a lack of understanding of flood insurance regulation when dealing with construction loans, condominiums, second lien mortgages, and loan syndications/participations. 

Concerned about overall safety and soundness in this high risk area, the regulators have been enforcing flood insurance provisions in their examinations, imposing civil money penalties, and lobbying for substantially increased penalties to ensure enforcement efforts are successful.

With these new guidelines and proposed Q&A, flood insurance non-compliance risks have become a significant regulatory focus. But the real risks to mortgage lenders go deeper than compliance violations. The real risk is the potential loss of mortgage collateral values if lenders do not comply with the flood insurance program requirements. If FEMA determines that a property is not covered, the lender looses valuable loss protection in the event of a flood and compromises the institution’s safety and soundness.

This audio conference will give you a thorough explanation of what examiners are looking for to avoid costly civil money penalties and how to effectively manage this high profile safety and soundness issue. 

Areas covered in this conference include:

• An Examiners perspective – How and why they are changing:
  • Understanding the past and how those events caused our current situation
  • The NFIP report card – What was learned when they voluntarily placed themselves under the microscope
• What’s causing lenders to think and act differently when it comes to flood compliance:
  • The preferred answer as opposed to the correct answer – Dangers within the path of least resistance
  • Thinking beyond regulatory compliance – The need for safety and soundness considerations
• Moving forward - What key changes are taking shape and how lenders can protect against change impacting their business:
  • Special determiner needs of commercial lenders – Qualifying provider options and finding the best solution
  • Vendorships vs. partnerships – Discerning between the two
• And much more!

Plus, 30-minutes after the presentation will be set aside for an interactive Q&A session. Listen in and get the chance to ask your specific questions.

Registration Includes:

• Admittance to the each of the two 90-minute calls for as many people as you can fit in a room with a speakerphone
• Access to the specially created presentation handouts (made available 48 hours in advance) which can be printed and used to train all of your personnel
• Participation in the 30-minute live Q&A with the speaker following the presentation
• Certificates of completion for all audio conference attendees

About Our Speaker

Mark K. Bohrer is the President of Stormwater Research Group (SRG) which is a nationwide provider of flood hazard compliance services to the real estate lending community. SRG aligns the most accurate flood determination database and methodology with their technological and human resources and combine them with SRG’s best-in-class dispute resolution services. The result is improved efficiency of the loan origination process and protection of financial institution customer relationships.

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