Skip to content
 

Property Deemed to be in the SFHA

Answered by: 
Dan Persfull

Question: 
I have a customer whose property has been deemed to be in the SFHA. The first letter suggested by FEMA to send to him states "...in the event you wish to challenge the zone determination, you must provide written evidence which supports your challenge. This may be obtained from..." What type of documentation is required of him if he wishes to challenge the determination and how long do I give him to act before I need to force place this coverage? I want to give him every chance as long as he is moving forward with a LOMA or other information to take him out of the SFHA. I especially don't want him tagging me along just to avoid the additional insurance.
Answer: 

Search this document using LOMA (Letter of Map Amendment), and it will give you guidance on the information that you will need. You can also contact your vendor that did the determination. Basically you will need information on the location of the building(s) on the property and an elevation certificate. Flood insurance has to be put in place. The filing of a petition for a LOMA does not waive the coverage requirement. Therefore, if the borrower does not obtain flood insurance within the 45 day period then you will have to force place it. If the LOMA is granted then the premium will be refunded.

First published on BankersOnline.com 10/13/08

First published on 10/13/2008

Filed under: 
Compliance
Filed under compliance as: 
FEMA
Flood
IT

Report a problem with this page

Search Topics