Flood Disaster Protection Act Policy
This Flood Disaster Protection Act Policy is for a bank, credit union, fintech company, or other type of financial institution to comply with flood hazard insurance requirements issued under the National Flood Insurance Program (NFIP), which is administered primarily under the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act (FDPA) of 1973, National Flood Insurance Reform Act of 1994, Biggert-Waters Flood Insurance Reform Act of 2012, Homeowner Flood Insurance Affordability Act of 2014, and the Joint Release entitled “Agencies Issue Flood Insurance Rule” to ensure loans are protected against flood hazards.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Definitions – Topic 3
- Eligible and Ineligible Structures for Flood Insurance Under the NFIP – Topic 4
- Flood Insurance Requirements – Topic 5
- Table Funded Loans – Topic 6
- Private Flood Insurance – Topic 7
- Exemptions to the Purchase Requirement – Topic 8
- Amount of Flood Insurance Requirement – Topic 9
- Waiting Period – Topic 10
- Second Mortgages and Home Equity Loans – Topic 11
- Condominium Policies – Topic 12
- Other Special Situations – Topic 13
- Escrow Requirements – Topic 14
- Standard Flood Hazard Determination Form – Topic 15
- Reliance on Prior Determination – Topic 16
- Force Placement Requirements – Topic 17
- Determination of Fees – Topic 18
- Regulation Z Applicability – Topic 19
- Notice of Special Flood Hazards/Availability of Federal Disaster Relief – Topic 20
- Notice to Servicer – Topic 21
- Notice of the Administrator of FEMA – Topic 22
- Notice of Option to Escrow – Topic 23
- Penalties and Liabilities – Topic 24
- Audit Policy – Topic 25
- Staff Training – Topic 26
- Retention of Documentation – Topic 27
Includes the following form templates:
- Notice of Special Flood Hazards and Availability of Federal Disaster Relief Assistance (2 Pages)
- Sample Clause for Option to Escrow Outstanding Loans (1 Page)
This Flood Disaster Protection Act Policy (approximately 18 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
Product Update Protection Plan
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