Flood Certifications and Loan Assumptions

You may use a previous flood hazard determination for subsequent loans if three conditions are met:

1. The previous determination was documented on a the "new" SFHDF form;
2. The determination is not more than 7 years old; and
3. No map revisions or updates affecting the secured property have been made. (Usually tracked with Life of Loan coverage.)

If your loan is staying the same and only the obligor is changing, you should be fine.

First published on BankersOnline.com 6/3/02