A property is newly mapped into the flood area and now requires flood insurance. The bank then sends the borrower the 45-day letter stating they must obtain flood insurance within 45 days. The bank usually force places flood insurance from the day the letter is sent to the borrower.
Can the bank charge the borrower for the flood insurance for days 1-45 that is force-placed? I am told the bank can, but I don't think it is right to do this on newly mapped properties.