The Federal government enacted the National Flood Insurance Act of 1968 (NFIA) and the Flood Disaster Protection Act of 1973 (FDPA) because of the increased risk associated with loans secured by property in flood zones. The 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. In addition, a bank that acquires a loan from a mortgage broker or other entity through table funding must be considered to be making a loan for the purposes of this requirement.
This Flood Disaster Protection Act Training online training course will provide compliance officers with the information they need to ensure lending policies at their bank are compliant with the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973.
Course Learning Objectives
By taking this online Flood Disaster Protection Act course, the user will learn to:
- Ensure proper policies and procedures concerning lending in flood zones are in place at your bank
- Understand the determination fee requirements of the FDPA
- Ensure your bank is distributing to customers the disclosures and notices required under the FDPA
This online Flood Disaster Protection Act course is made up of the following sections:
- Policies and Procedures
- Disclosures and notices
- Flood Maps
This Flood Disaster Protection Act online training course was designed for bank employees.
If you have any concerns as to whether this course is appropriate for you or your industry, please browse our full selection of online courses.