I am trying to compile a list of the biggest challenges, blunders, oversights that lenders have encountered while working with flood. I am interested in getting input from everyone here. It can be any type of loan, any stage of loan (new, renewed, modified, increase, force placed).

Thank you.

Determining insurable value
Delivering the Notice in a timely manner (when applicable) and having evidence it was delivered a "reasonable period of time" prior before closing the loan.
Working with agents that say a property is not in a SFHA or in a different zone.
Working with borrowers that believe their property is not in a SFHA.
Getting borrowers to purchase/renew flood insurance - and the proper amount.

thank you

Check out the compliance link at the top of any BOL page. On the right hand side, there is a running list of flood violations. I keep an eye on those just to see what other banks are getting cited for.

The FDIC has a YouTube video from just a few years back talking about flood violations: https://www.youtube.com/watch?v=RWzxU_WMvzk

Slides can be found here: https://www.fdic.gov/regulations/resources/director/technical/flood/flood-3.pdf

Determining insurable value
Analysis of Private Flood Insurance Policies