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OnDemand Course

Impact of the Homeowner's Flood Insurance Affordability Act of 2014 on Mortgage Lending and Servicing

Get the information you need to navigate the complexities of flood insurance requirements.

The U.S. National Flood Insurance Program has been in a constant state of flux ever since it was revealed in the wake of Hurricane Katrina that it had a $24 billion debt load with a potential $1.2 trillion in exposure. As a result, Congress has passed several pieces of legislation, most recently the Homeowner Flood Insurance Affordability Act, which have significantly altered the laws governing flood insurance premiums, forced placed insurance, and the broad requirements for the escrowing of funds to pay flood insurance premiums. These laws, combined with the new mortgage-related rules issued by the Consumer Financial Protection Bureau have made navigating flood insurance requirements for mortgage lenders and servicers more complex and burdensome than ever before. Join us for an overview of flood insurance laws and a discussion on the legal and practical implications the Homeowner Flood Insurance Affordability Act will have on the entire industry.

Runtime: 91 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview of Flood Insurance Reform

  • The National Flood Insurance of 1968
  • The Flood Disaster Protection Act of 1973
  • Impact of Hurricane Katrina and Need for Reform

The Biggert Waters Flood Insurance Reform Act of 2012

  • Flood Insurance Rates
  • Escrow of Flood Insurance Payments
  • Force Placement of Flood Insurance
  • Private Flood Insurance Coverage

Response to the Biggert Waters Act

  • Banking Industry Concerns
  • Consumer Concerns
  • Congressional Response

The Homeowner Flood Insurance Affordability Act of 2014

  • The Changes
  • Timeline for Implementation

Impact on Mortgage Lenders and Servicers

  • Ability-to-Repay
  • Force-Placed Insurance
  • Escrow Requirements
  • Private Flood Insurance Coverage
  • Disclosures
  • Civil Money Penalty
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More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on August 12, 2014.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Richard J. Andreano

Richard J. Andreano

Ballard Spahr LLP

  • Partner at Ballard Spahr LLP
  • Practice leader, Mortgage Banking Group, Ballard Spahr LLP
  • Fellow, American College of Consumer Financial Services Lawyers
  • Chambers USA: America's Leading Lawyers for business, banking and finance: financial services regulation: consumer finance (compliance), national ranking, 2014 to 2017
  • Wrote MBA Compliance Essentials Loan Originator Compensation Resource Guide™, published by the Mortgage Bankers Association
  • Co-wrote, MBA Compliance Essentials TILA/RESPA Integrated Disclosure TRID Rule Resource Guide™, published by the Mortgage Bankers Association
  • Editor-in-chief, Mortgage Finance Regulation Answer Book 2011-2012, published by the Practising Law Institute; author of chapters on the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Home Mortgage Disclosure Act, and the Real Estate Settlement Procedures Act; and co-author of the Equal Credit Opportunity Act and Truth in Lending Act chapters
  • Counsels clients on residential mortgage regulatory matters, including ability to repay, TILA/RESPA integrated disclosure (TRID) rule, CFPB and other regulator supervision and examination, UDAAP and other Dodd-Frank matters
  • Frequent speaker and author on mortgage industry issues
  • Can be contacted at 202-661-2271 or [email protected]
Marc D. Patterson

Marc D. Patterson

Ballard Spahr LLP

  • Business and finance associate at Ballard Spahr LLP
  • Member of the firm’s Mortgage Banking and Consumer Financial Services Groups
  • Practice focuses on helping national and state banks, credit unions, mortgage bankers, and services comply with federal and state laws and regulations
  • Focuses on retail financial services and regulatory compliances, including TILA, RESPA, UDAAP, FCRA, FDCPA, and the National Flood Insurance Act and Flood Disaster Protection Act
  • Regularly assists clients with state law matters, including loan origination, documentation, disclosures, permissible fees, licensing, and foreclosure-related issues
  • Co-wrote, “Federal Agencies Propose New Federal Flood Insurance Regulations,” Ballard Spahr alert, October 10, 2013
  • LL.M. degree in taxation, New York University School of Law; J.D. degree, cum laude, American University, Washington College of Law; B.A. degree, cum laude, The College of Wooster
  • Can be contacted at 202.661.7602 or [email protected]
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 394212
Published 2014
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