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#2268214 - 03/25/22 03:12 PM Partial Zone- no structures within
RegTalk Offline
Member
Joined: Dec 2020
Posts: 84
For a partial zone, that do not have a structure within the partial zone, are we required to disclose & have a signed SFHD on file?

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Flood Compliance
#2268215 - 03/25/22 03:14 PM Re: Partial Zone- no structures within RegTalk
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 85,341
Galveston, TX
A SFHD is neither signed nor is it a disclosure - so I am unsure of your question.
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#2268218 - 03/25/22 03:35 PM Re: Partial Zone- no structures within rlcarey
RegTalk Offline
Member
Joined: Dec 2020
Posts: 84
Sorry- I am referring to the Notice to borrower of flood area.

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#2268223 - 03/25/22 03:55 PM Re: Partial Zone- no structures within RegTalk
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 85,341
Galveston, TX
208.25(i) Notice of special flood hazards and availability of Federal disaster relief assistance. When a member bank makes, increases, extends, or renews a loan secured by a building or a mobile home located or to be located in a special flood hazard area, the bank shall mail or deliver a written notice to the borrower and to the servicer in all cases whether or not flood insurance is available under the Act for the collateral securing the loan.
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#2302803 - 10/28/24 04:55 PM Re: Partial Zone- no structures within RegTalk
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,482
California
In this case then, flood insurance would NOT be required on the property since the existing structure is not affected and is not in the flood plain, correct? We have such a situation and we feel flood insurance is NOT required, nor would the Flood Disclosure Notice be required, based on the citation above.

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#2302867 - 10/29/24 09:57 PM Re: Partial Zone- no structures within RegTalk
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 85,341
Galveston, TX
If there are no structures in the SFHA, you are done.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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