Flood disclosure and communication of risk looking beyond compliance
On July 4 weekend Central Texas experienced historic rainfall causing catastrophic flooding at levels not seen in some areas in more than 100 years.
Tragically over 130 individuals died and tens of thousands of families experienced flood damage in their homes. Many homes were covered by flood insurance as a result of lender insurance requirements but unfortunately too many families are facing recovery without flood insurance as there was not a mortgage or the home is outside of the mapped Special Flood Hazard Area.
Lenders and Servicers across the Nation do a great job on complying with the federal flood insurance requirements. As a result of that compliance, many homeowners are able to recover more quickly and completely from flooding because their lender requires flood insurance. This webinar will explore what lenders, mortgage servicers, and other stakeholders are doing and can be doing, in addition to compliance, to help more homeowners understand the risk of flooding and to take that step to purchase flood insurance.
Whether a mortgage originator, servicer, compliance professional, risk manager, or loan officer, this webinar will bring you valuable insights and information, such as—
- Exploring Cotality data and insights about the recent Central Texas flooding and other recent flood events;
- Emphasizing the importance of federal flood insurance requirements to ensure flood insurance is in place for the homes most at risk of flooding;
- Understanding what homebuyers are being told about flood insurance by the seller or agent depending on the specific State; and
- Learning about optional disclosures, tools, and resources available for mortgage originators and servicers to help homeowners make informed decisions about flood insurance.
Moderator: Scott Giberson, Cotality
Speakers
