April 28, 2014
As credit unions continue to navigate mortgage regulations, compliance solutions leader PolicyWorks has issued a white paper to help credit unions better understand the ever-changing environment surrounding flood insurance reform.
Specifically, the paper’s author addresses provisions currently in effect, those yet to be implemented, and how recent passage of the Homeowner Flood Insurance Affordability Act will alter the regulatory landscape even further.
The Biggert-Waters Flood Insurance Reform Act was passed in 2012. The law invoked new procedures credit unions must follow to force place flood insurance. In addition, it contained mandatory escrow requirements for flood insurance premiums that were to take effect this July. However, passage of the Homeowner Flood Insurance Affordability Act in March 2014 delayed implementation of the mandatory escrow provision until January 1, 2016.
“As credit unions continue their challenges with mortgage regulations, flood insurance reform has been one area our clients have identified as being especially difficult to navigate. Given the enormous amount of details to sort through, we wanted to offer some guidance through this white paper,” said PolicyWorks’ compliance attorney, Michael Christians.
In this white paper, Christians walks through the following:
• A history of flood insurance reform
• Policies and procedures credit unions should already have in place
• How to prepare for additional, upcoming compliance requirements
To download the white paper “Mortgage Regulation: Navigating the Muddy Waters of Flood Insurance Reform,” visit http://www.policyworksllc.com/white-papers.cfm.