The basics of flooding still cause pain for some

This podcast discusses flood laws for lenders who lend against real estate. While there are many federal laws, some of which are key: the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, institutions must comply with them to avoid penalties. This includes checking to see if the property is in a flood-prone area, notifying the borrower and requiring flood insurance if necessary, properly managing and monitoring escrows, and even forcing the placement of insurance if the borrower allows it to lapse. Common violations include: See more +

This podcast discusses flood laws for lenders who lend against real estate. While there are many federal laws, some of which are key, such as the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, institutions must comply with them to avoid penalties. This includes verifying that the property is located in a flood-prone area, notifying the borrower and requiring flood insurance if necessary, properly managing and monitoring escrow, and even forcing the placement of insurance if the borrower allows it to lapse. Common violations include poor internal controls, content coverage issues, timing and notification errors, miscalculation of coverage amounts, and failure to properly monitor or forcibly place insurance.

Provided by GeoDataVision and M&M Consulting See less –