Description
This course is designed to provide a working knowledge of the federal flood insurance requirements. While you do not need to be a legal expert regarding flood requirements for your financial institution, it’s important for you to know the basics as noncompliance with flood requirements may carry significant penalties. Also, the information you will learn provides you with the right knowledge to ask questions and evaluate responses at your financial institution.
Course Objectives
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Explain the underlying purpose and conditions of the National Flood Insurance Program and how its statutes affect flood insurance requirements.
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Discuss the process and procedures involved with determining if a property is located in a Special Flood Hazard Area.
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Describe how the flood insurance laws are implemented when your institution makes, increases, extends, or renews a loan secured by property located in a Special Flood Hazard Area.
Content Includes:
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The Why Behind Flood Insurance
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Why is Flood Insurance important for consumers?
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Why do lenders require flood insurance in some situations?
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The Basics of Flood Insurance
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How do Flood Insurance requirements impact consumers?
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Under what conditions is Flood Insurance required?
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Statutes of the National Flood Insurance Program and key provisions of private flood insurance rules.
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Special Flood Hazard Area (SFHA) Determination
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Videos
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Articles