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#2303234 - 11/13/24 08:24 PM Letter req prior to force placing hazard insurance
Okie Banker Offline
Junior Member
Joined: Feb 2024
Posts: 48
Is a letter notifying the customer that we are force placing insurance required? The doc give us the right to force place and charge but not whether prior notification is required. This is a comm'l loan and lender wants it placed ASAP. We will notify them of the purchase but is prior notification necessary/required? Thanks as always.

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Lending Compliance
#2303244 - 11/13/24 10:06 PM Re: Letter req prior to force placing hazard insurance Okie Banker
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 84,623
Galveston, TX
On a commercial loan it will all come down to your legal documents and any State rules or caselaw.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2303245 - 11/13/24 10:08 PM Re: Letter req prior to force placing hazard insurance Okie Banker
Okie Banker Offline
Junior Member
Joined: Feb 2024
Posts: 48
Thanks

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