RW Advantage - Webinars

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Event Name:Flood Insurance Review and Update
Date:Monday, January 30, 2017 1:30pm CST
Panelist(s) Info: Jack Holzknecht and Kelly M. Owsley  (Bio)

Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 39 years. In 34 years as a trainer over 125,000 bankers (and many examiners) have participated in Jack’s live seminars and webinars. Jack’s career began in 1976 as a federal bank examiner. He later headed the product and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by a number of state bankers associations. As a contractor he developed and delivered compliance training for the FDIC for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.

Kelly M. Owsley, CRCM is Director of Training Services for Compliance Resource, LLC. Kelly’s career in banking began in 2000. Since then she has worked for financial institutions ranging in asset size from $250 million to $3 billion. Kelly has worked in numerous areas of the financial services industry including retail branch management, lending, product development and training. In addition, Kelly spent three years in a training and development role with CUNA Mutual Group servicing the largest credit union in the United States. Most recently, she served as the Vice President of Compliance, BSA Officer, and CRA Officer for a community bank in Kentucky where she was responsible for implementing and training all compliance related topics. Kelly holds a Bachelor of Science degree in Accounting from the University of Kentucky and is a Certified Regulatory Compliance Manager.

Credits:2.5 CE Credits

WHAT? Flood Insurance rules have changed continuously over the past few years. On July 6, 2012 Congress passed the Biggert-Waters Flood Insurance Reform Act (Biggert-Waters). On March 23, 2014 Congress passed the Homeowner Flood Insurance Affordability Act (Affordability Act). The Affordability Act revises certain sections of Biggert-Waters, eliminates or delays other sections and creates new rules.

Since 2012, FEMA and the financial institution regulatory agencies (OCC, Federal Reserve Board, FDIC, Farm Credit Administration and NCUA) have been working on regulations to implement the numerous changes. The interagency final rules were published in June 2015.

The final rule implements certain provisions that were established under the Affordability Act such as the requirement to escrow for flood insurance premiums on residential improved real estate securing a loan, as well as, an exemption for mandatory flood insurance for specific detached structures. In addition to the requirements established by the Affordability Act, the final rule implements provisions of the Biggert-Waters regarding the force placement of flood insurance.

The final rule was generally effective as of October 1, 2015, but the escrow requirement for flood insurance payments were effective January 1, 2016. Requirements for private flood insurance have been proposed but are still pending.

WHY? This two-hour webinar explains the new laws and final regulations. Participants receive a detailed manual that serves as a handbook long after the program is completed.

Covered topics:

  • The requirements of the Biggert-Waters Flood Insurance Reform Act
  • The requirements of the Homeowner Flood Insurance Affordability Act
  • The requirements of the Interagency Final Rules including:
    • The exemption from coverage for any structure that is part of a residential property but is detached from the primary residential structure and does not serve as a residence
    • The requirement to escrow flood insurance premiums on residential improved real estate or a mobile home securing a loan that is made, increased, renewed, or extended as of January 1, 2016
    • The exemptions from the escrow requirements
    • The revised Flood Hazard notice
    • The requirement to offer the option to escrow flood insurance premiums and fees on loans outstanding as of January 1, 2016
    • The revisions to the rules for force-placing flood insurance
  • The proposed rules that require lenders to accept private flood insurance

Who should attend?

The program is designed for compliance officers, operations personnel, mortgage loan officers, loan originators and others involved in obtaining and maintaining flood insurance on mortgage loans.