This law will significantly alter how loan servicers implement Biggert-Waters.
Norwell, MA (PRWEB) March 25, 2014
Miniter Group today announced the second presentation in their 2014 Flood Insurance Webinar Series for mortgage servicers scheduled for April 10th 2014. The webinar series is focused on the impact of The Biggert-Waters Flood Insurance Reform Act on loan servicers.
The first webinar had an overwhelmingly positive response with over 250 bankers in attendance which reviewed the history of FEMA and the NFIP as well as the changes implemented by The Biggert-Waters Insurance Reform Act.
The second webinar will discuss the impact to loan servicers of the recently enacted H.R.3370: Homeowner's Flood Insurance Affordability Act of 2014.
This law will significantly alter how loan servicers implement Biggert-Waters.
This webinar will address H.R.3370 changes for servicers who are implementing Biggert-Waters including:
- The new implementation timeline
- Caps on premium increases
- Reestablishing pre-FIRM rate subsidies and premium refunds
- Delaying post-FIRM grandfathering
- Changes to flood escrow requirements
- The creation of a "CFPB-like" flood insurance advocate agency
According to Jim Gilpin, EVP of Business Development at Miniter Group:
"H.R.3370 has significantly changed the implementation of Biggert-Waters for loan servicers. Much of the implementation work done to date has to be scraped and additional requirements need to be quickly established. This webinar will help lenders reestablish strategies associated with these new flood servicing requirements."
To register for this webinar on April 10th, 2014 click here.
Miniter Group is a leading provider of collateral risk transfer solutions to the lending industry. Miniter Group provides blanket and lender placed insurance solutions to over 550 lenders in 45 states. Their in-house software development created their Borrower-Centric Insurance Tracking System in 2006. Miniter’s solutions include Vendor Single Interest Insurance, Lender Placed Insurance, Collateral Protection Insurance and Mortgage Impairment Insurance.
We invite you to call us at 1-800-MINITER or visit us on the web at http://www.miniter.com.