Force-Placed Flood Insurance: Timing, Monitoring & Documenting

They include placement timing requirements, proper notices, calculating the amount of insurance (or refunds), documentation, reading FEMA maps, and more. Examiners are increasingly citing flood violations, so it’s imperative that handling these issues becomes second nature. Join this webinar to learn best practices and get a bevy of useful tools.

• Explain force-placement timing requirements
• Properly prepare a notice of underinsured or uninsured flood insurance coverage
• Realize the amount of force-placed flood insurance is dependent on how the borrower will be charged for the premium and the loan contract
• Identify documentation necessary to demonstrate evidence of flood insurance coverage in connection with a lender’s refund of force-placed premiums
• Calculate the 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