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FLOOD DISASTER PROTECTION ACT
Self-paced online course: ABA eLearning
Price: $95 members; $130 non-members ENROLL NOW
Course Description: This course provides an overview of the
requirements for processing transactions covered by this Act.
Students will gain an understanding of the coverage requirements and
exemptions, and the disclosures required in these transactions.
REVISED: Jan. 2011
Audience: Frontline employees
involved in the lending process, including mortgage, consumer and small
business lenders, loan processors and loan servicing.
Learning Objectives:
After completing this course,
students will be able to:
- Explain the background and
purpose of the Flood Disaster Protection Act
- Describe the circumstances
when you must perform a flood determination
- Identify the types of properties
that require flood determination
- Explain the types of
loans subject to the mandatory requirement to purchase flood
insurance
- Describe the minimum flood
insurance purchase amounts
- Describe the process for
notifying borrowers who have properties in a special flood hazard
areas
- Describe what constitutes
sufficient proof of flood insurance and when it must be provided to
the bank
- Explain the bank's
responsibilities for ensuring that an appropriate amount of flood
insurance is maintained for the life of the loan
Prerequisites: There are no prerequisites for this course.
However, a familiarity with general banking practices, either in deposit,
operations, or lending functions is valuable.
Course
Credits: AIB: 0: ICB: 0.5 CLBB
Questions: Please call 212-297-1679 or email elegg@nyba.com.
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