Flood Insurance Compliance
This document is required to officially start a FIC review
What is a Verification and Certification Worksheet?
This action must be taken in order to prevent any letter from being issued to a customer in error
What is pulling the letter?
Hancock Whitney Bank ISAOA, ATIMA
P.O. Box 690190
San Antonio, TX 78269-0190
What is the mortgagee clause?
The 4 primary reasons a loan enters force placement
What is cancelled, expired, lapsed or insufficient coverage?
The lesser value of these 3 things determine what required coverage should be used when completing calculations
What is the loan amount, RCV and max NFIP for Flood?
This is the primary document an RCV should be obtained from
What is an Appraisal?
This letter is issued for Hazard/Wind and addresses insufficient coverage and incorrect mortgagee
What is P-Impair?
This document must be completed on a residential detached structure to determine if coverage is required
What is a Questionnaire?
This letter cycle starts if a flood policy is received at an insufficient amount
What is GAP?
This must accompany a signed application in order for it to be accepted as temporary coverage
What is proof of payment?
This report identifies flood determinations in which the flood zone has been changed
What is the Servicing Chang Report?
This is the process a loan is set up under if it meets the Escrow guidelines
What is the fee bucket/fee assessment?
These 2 things confirms Flood coverage is required on a residential detached structure
What is the RCV is <10% and the structure is considered a residence?
A customer qualifies for this type of refund when a policy is received with a break in coverage
What is a PARTIAL refund?
A policy should be obtained after this timeframe if an application with proof of payment was accepted for closing or cancelling a letter cycle
What is 30 days?
The only time aggregate flood coverage is applicable
What is when the aggregated coverage exceeds the loan amount?
Rejected insurance documents are posted to this daily report
What is the UTL?
These 2 scenarios can exempt a commercial detached structure from flood coverage
What is the RCV is lower than the premium and it does not qualify as a structure?
Force placement does not occur when these 4 letters are issued
What are C, M, P and Z Impairs?
A quality check review is required in which 2 scenarios
What is a FIC review and a Force Place package?
Construction loans are required to have Flood coverage at this time
What is when the slab is poured (slab draw) or when construction has started?
These 3 scenarios are the primary reasons why a coverage line will go into 'Delete' status
What is the loan is closed, the collateral is released or the flood determination has not been dropped?
These 6 things must be verified on private insurance policies
What are licensure, surplus lines, 45-day cancellation, breadth of policy coverage, mortgagee clause and legal recourse?
This is the only time a HWB force placed policy can be accepted for authorization to close
What is the policy is active and has sufficient coverage?
Hazard/Wind is not required in these 3 scenarios
What is it has been waived by a bank associate, the loan is an AOC and the loan amount is <$500,000 (for tracking only)?