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Impact of the Homeowner's Flood Insurance Affordability Act of 2014 on Mortgage Lending and Servicing

OnDemand Webinar (90 minutes)

Get the information you need to navigate the complexities of flood insurance requirements.

The U.S. National Flood Insurance Program has been in a constant state of flux ever since it was revealed in the wake of Hurricane Katrina that it had a $24 billion debt load with a potential $1.2 trillion in exposure. As a result, Congress has passed several pieces of legislation, most recently the Homeowner Flood Insurance Affordability Act, which have significantly altered the laws governing flood insurance premiums, forced placed insurance, and the broad requirements for the escrowing of funds to pay flood insurance premiums. These laws, combined with the new mortgage-related rules issued by the Consumer Financial Protection Bureau have made navigating flood insurance requirements for mortgage lenders and servicers more complex and burdensome than ever before. Join us for an overview of flood insurance laws and a discussion on the legal and practical implications the Homeowner Flood Insurance Affordability Act will have on the entire industry.


Richard J. Andreano, Ballard Spahr LLP Marc D. Patterson, Ballard Spahr LLP


Overview of Flood Insurance Reform

• The National Flood Insurance of 1968

• The Flood Disaster Protection Act of 1973

• Impact of Hurricane Katrina and Need for Reform

The Biggert Waters Flood Insurance Reform Act of 2012

• Flood Insurance Rates

• Escrow of Flood Insurance Payments

• Force Placement of Flood Insurance

• Private Flood Insurance Coverage

Response to the Biggert Waters Act

• Banking Industry Concerns

• Consumer Concerns

• Congressional Response

The Homeowner Flood Insurance Affordability Act of 2014

• The Changes

• Timeline for Implementation

Impact on Mortgage Lenders and Servicers

• Ability-to-Repay

• Force-Placed Insurance

• Escrow Requirements

• Private Flood Insurance Coverage

• Disclosures

• Civil Money Penalty