NAFCU Regulatory Compliance School

Speaking Engagement | March.13.2023 - March.17.2023

Westin Arlington Gateway | Arlington, VA

Flood Insurance Basics

Thursday, March 16, 2023

The FHA recently allowed lenders to accept private flood insurance policies on FHA-insured loans, ending a decades-old rule that FHA-insured loans on properties requiring flood insurance had to have policies extended through the federal government’s National Flood Insurance Program. That, along with an increased focus on climate change, is transforming the industry. Daniel Bellovin led a discussion on flood insurance compliance obligations at the National Association of Federal Credit Union’s Compliance School. The discussion covered the scope of the rule for designated loans, the escrow rule, and notice requirements.