Impact Of The Homeowner's Flood Insurance Affordability Act Of 2014 On Mortgage Lending And Servicing

Webinar: ID# 1014130
Recorded CD
About This Course:
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.


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

Richard J. Andreano
  • 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
  • MBA Compliance Essentials Loan Originator Compensation Resource Guide™ and MBA Compliance Essentials Loan Originator Compensation Resource Guide II™, published by the Mortgage Bankers Association
  • Editor-in-chief, Mortgage Finance Regulation Answer Book 2011 to 2012, published by the Practising Law Institute; writer 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-writer of the Equal Credit Opportunity Act and Truth in Lending Act chapters
  • Counsel clients on residential mortgage regulatory matters, including flood insurance
  • Frequent speaker and writer on mortgage industry issues
Marc D. Patterson

  • 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, UDAP, 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-writer, Federal Agencies Propose New Federal Flood Insurance Regulations, Ballard Spahr alert, October 10, 2013
Impact Of The Homeowner's Flood Insurance Affordability Act Of 2014 On Mortgage Lending And Servicing
Available on CD format
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