FDIC Issues Flood Requirements Summary

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FDIC Issues Flood Requirements Summary
by Mary Beth Guard

There isn't anything new in FDIC's FIL-81-2001, but it is an excellent summary of flood insurance requirements. In two short pages, it provides a concise description of flood hazard determinations, fees, notices, purchase requirements, mandatory escrows, forced placement, and notice to FEMA regarding servicer identity. It also manages to drive home the point that flood insurance is not optional and lenders who are "reluctant" to require borrowers to obtain necessary flood insurance have no option in the matter.

Regardless of who your primary federal regulator is, I recommend disseminating this summary to all your lenders.

Originally appeared in the Oklahoma Bankers Association Compliance Informer.

First published on BankersOnline.com 1/21/02

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