Online: Flood Disaster Protection
The Flood Disaster Protection Act (FDPA) states that a bank cannot make, increase, extend, or renew any designated loan unless the building or mobile home and any personal property securing the loan is covered by flood insurance for the term of the loan. The amount of insurance must be at least equal to the lesser of the outstanding principal balance of the designated loan or the maximum limit of coverage available for the particular type of property under the act. Flood insurance coverage under the act is limited to the overall value of the property securing the designated loan minus the value of the land on which the property is located. This module will provide banks with an overview of their responsibilities under the FDPA regarding lending and flood insurance.
This program contains 1 module(s).
1 CPE Credit(s)
Category: Compliance - Bank Specific