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Flood: How Much Will You Guarantee?
Under the new flood hazard insurance rules, someone must guarantee the certification of the property supporting the loan. When you contract with an outside provider, that provider must guarantee their work. You should, of course, make certain that the company has the resources to make good on their guarantee.
However, if your bank decides to conduct its own flood zone searches, the bank becomes the guarantor of its own work. When deciding how to handle flood zone searches, consider this consequence carefully.
Copyright © 1996 Compliance Action. Originally appeared in Compliance Action, Vol. 1, No. 6, 4/96
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