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#2019980 - 06/11/15 08:22 PM Flood Audit Procedures & Biggert-Waters
complygirl Offline
Platinum Poster
Joined: Oct 2004
Posts: 822
midwest
Does anyone have flood audit procedures that have been updated to include all the Biggert-Waters changes? If so, are you willing to share?

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Flood Compliance
#2020271 - 06/13/15 01:34 AM Re: Flood Audit Procedures & Biggert-Waters complygirl
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,618
Galveston, TX
What changes besides the increased flood insurance available on certain property types?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2020835 - 06/16/15 08:55 PM Re: Flood Audit Procedures & Biggert-Waters rlcarey
complygirl Offline
Platinum Poster
Joined: Oct 2004
Posts: 822
midwest
What ever became of the Homeowner Flood Insurance Affordability Act? and the escrow requirement under BW?

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#2020876 - 06/16/15 11:03 PM Re: Flood Audit Procedures & Biggert-Waters complygirl
Reads Regs Offline
Diamond Poster
Joined: Nov 2004
Posts: 2,294
The FDIC's Board approved a final rule today that addresses the flood escrow provision, detached structures, force placement of flood, and changes to the flood disclosure. They said they would address private flood insurance in a separate rulemaking. The escrow provision is effective 1/1/16 and other provisions are effective 10/15/15. The rule is interagency and will also include the FRB, OCC, NCUA, and the FCA. It should be published in the Federal Register soon.

FDIC Staff Memo To Board on Final Rule

FDIC Text of Flood Final Rule in Non-FR Format
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Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.

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