Flood Disaster Protection Act (FDPA)

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

When is flood insurance REQUIRED in order to obtain a loan?

Any loan secured by a building or mobile home located in a SPECIAL FLOOD HAZARD AREA (SFHA) where flood insurance is available must have flood insurance as a condition of making the loan.

Yes

Does flood insurance cover each building on the property?

Flood Insurance Rate Maps

FIRMS

Make, Increase, Renew or extend (MIRE) any loan/line located in an SFHA of a participating community unless personal property securing the loan are covered for the life of the loan by a flood insurance policy

Federally regulated lenders cannot do what under the Flood Disaster Protection Act

$250k x # of units or the full replacement cost value of the building

Flood insurance requirements for condos must not be less than the lowest of

45 days

How long does a borrower have to provide proof of adequate coverage in situations where the lender has notified the borrower of inadequate coverage

60 days

How long must a notice be provided in cases of transfer of mortgagee?

lender has 30 days to refund any unearned FP premium

If the customer provides sufficient coverage after force-placement action is completed

Yes

Is it a violation of the Flood Insurance regulation if a designated loan is without adequate floor insurance coverage?

LODR - Letters of Determination Review LOMA -Letters of Map Amendment LOMR - Letters of Map Revision

Name some options available to property owners who wish to dispute or appeal flood zone determinations

NFIP

National Flood Insurance Program

Special Flood Hazard Area

SFHA

$250,000

WF is making a loan to the ACME corporation to be secured by ACME's manufacturing plant. The bank's loan is for $250k. The appraised value of the plant is $750k. The max amount of flood insurance is $500k. What is the least amount of flood insurance the bank must required under the Flood Regulations?

adopt minimum regulatory standards in accordance with FEMA floodplain mgmt. guidelines enforce its own regulations to ensure that new construction and substantial improvements to existing buildings within identified high risk areas (SFHAs) are designed to minimize future flood damage

What 2 ways can a community establish its eligibility to participate in the NFIP

community that adopts and enforces floodplain management ordinances

What is a participating community in relationship to Flood Regulations?

Same lender < 7 years old determination was recorded on the SFHD Form no new or revised flood map has been issued in the interim

When can a lender reuse the SFHDF?

Within a reasonable time before completion of the transaction, but no later than the bank sends other notices concerning insurance or taxes

When does a notice that the borrower's property is located in a SPFA have to be given to the borrower?

45 days

When is an insurer required to give written notice before cancellation or non-renewal of flood insurance coverage?

outstanding principal balance maximum amount of coverage available under the NFIP the insurable value of the building(s)

to meet compliance requirements, the amount of flood insurance must not be less than the lowest of:


संबंधित स्टडी सेट्स

Unit 6 Indifference Curves and Utility Maximization

View Set

ACS 101: chapter 6: supporting materials & contextual reasoning

View Set

Abnormal Child Psych. Chapter 2 Quiz

View Set

PrepU Respiratory Care Modalities

View Set

BEC485 Control Charts and Process Capability

View Set

Consumer Behaviour - Chapter 11: Groups and Social Media

View Set