07/30/2007
We have a loan with a property that was not in a special flood hazard area at the time it closed. Subsequently, ten years later, as a result of the flood map changes by FEMA, the property now lies in a SFHA. We were notified by our flood provider and we sent out a letter and the flood notice to the borrower. In this scenario, is it required that a signed copy of the notice be on file or would the letter alone be sufficient?
06/12/2006
We have a current customer that was not in a Special Flood Hazard Area when the loan was initially closed. We recently received an amendment from our Life of Loan vendor stating the property is now in a SFHA. We notified the customer and let them know they had 45 days to provide proof of flood insurance. The customer is currently disputing the zone change. Are we allowed to give the customer additional time beyond the 45 days due to the dispute? Or must we force place and charge the customer for the flood insurance once the 45 days has passed until the dispute is resolved?
05/01/2006
Has there been a change in the notice cycles for force-placement of flood insurance? Our first notice is sent 45 days prior to the expiration of the current insurance policy. We've recently received conflicting information which states that the first letter must be sent the day after expiration.
09/01/2005
Have you ever gone back and looked at a law or regulation when it was just adopted and then compared it to today's version? Take CRA for example.
06/14/2004
06/14/2004
FEMA makes flood hazard tutorials available online
by Mary Beth Guard, BOL Guru
Guru BIOS
05/17/2004
Is it correct that a flood certification is needed for a mobile home that is on a permanent foundation or tied down and is being held as collateral?
03/01/2004
We all know that the Achilles heel of the compliance program is commercial lending.
02/17/2003
If we finance the purchase of land for a customer and there is a mobile home on the land not owned buy the customer is Flood Insurance or Notice required? A relative of the customer lives in the mobile home but pays no rent to live on the land.
01/27/2003