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What is the Bank Secrecy Act of 1970?
The cash is filthy. In the hands of criminals, money laundering seems like an easy fix for ill-gotten gains. A few deposits and strategic moves could clean up untold sums
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The National Flood Insurance Program (NFIP) is the only nationwide program that provides flood insurance coverage to homeowners, renters, and businesses. It’s also the only flood insurance available through the private market.
Flood insurance, also known as flood hazard insurance, protects homeowners against losses caused by flooding. It’s designed to pay for repairs or damages to property and contents that are insured when a policyholder’s home is flooded.
In addition to providing coverage for your home and its contents, flood insurance also covers other structures on your property, such as fences, garages, and sheds. Flood insurance can be purchased through an insurer or through the National Flood Insurance Program (NFIP). NFIP policies are backed by the federal government underwritten by FEMA (Federal Emergency Management Agency).
Lenders have an obligation to ensure that the properties they finance are in compliance with federal laws and regulations regarding flood insurance. In addition to complying with federal law, lenders should also consider the effect of non-compliance on borrowers’ credit scores.
If a lender fails to comply with these requirements or has been found in violation of them, it could result in fines and penalties up to $5,000 per violation or $25,000 per year for any continuing violations (whichever is greater).
The FEMA requirements for flood insurance are clear: Lenders should ensure that loans are secured by properties located in areas of special flood hazard and that the property owner has a federally-backed mortgage.
Lenders should also check that the property is covered by a flood insurance policy and that the policy is current and has been paid. If a borrower doesn’t have coverage, or if their policy lapses, lenders can require borrowers to purchase a lender-placed insurance policy at no extra cost to them until the borrower’s personal coverage kicks back in — but only after 90 days have passed since their last payment was made on their original policy (and only if FEMA has not declared an emergency).
Flood insurance compliance requirements are important for lenders because they affect the risk of default on loans. Flood insurance is a requirement before lenders can issue a mortgage loan with a property that may be at risk for flooding or other natural disasters. Compliance is important because it helps protect borrowers from unexpected expenses and helps lenders make sure they are not losing money if there is damage to the property after lending.
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