Flood Insurance: Federal Regulators Are Seeking Your Comments
Technical. Yes, flood insurance requirements pose many technical compliance-related issues.
Recently, the federal regulators agencies proposed updates to Interagency Questions and Answers Regarding Flood Insurance. This Q&A was last updated in 2011. And, we know that there’s been changes to flood insurance requirements since then, such as provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014.
The intent of federal regulators with this proposal is to help increase efficiencies by not only adding new questions and answers, but also to recognize topics and improve clarity.
Now is the time to review the proposed updates so that you can provide comments by the due date of September 4, 2020.
Here’s a quick recap of the new Q&As the proposed revision contains:
- Detached structure exemption: Starting on page 19 of the proposal, a discussion involves the addition of six new Q&As regarding this exemption.
- The escrow of flood insurance premiums: This section starts on page 28 of the proposal which provides the proposed revisions and additions of Q&As.
- Force placement of flood insurance: This discussion begins on page 33 with proposed revisions and the addition of new Q&As.
This notification and request for comment is lengthy. Perhaps you have scheduled on your calendar blocks of time to read or catch up on mortgage lending issues and changes. Add this one to your list. And, by the way, click here to access the notice in the Federal Register to get started!
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About the Author
Jill Emerson, owner of Integrity One Consulting, maintains over 30 years’ experience in the financial services industry, both as a practitioner and as a federal regulator. She enjoys sharing her experiences and expertise through writing.
Jill can be reached at email@example.com.