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Flood Coverage Overflows RESPA
RESPA applies to all loans secured by a 1-4 family dwelling. Flood insurance requirements apply to all improved real estate, both dwellings and commercial properties. Be sure bank staff knows the full scope of Flood Insurance coverage and that they do not limit it to transactions subject to RESPA. Flood insurance requirements apply to apartment houses, commercial structures and condominiums as well as 1-4 family dwellings.
Copyright © 1997 Compliance Action. Originally appeared in Compliance Action, Vol. 2, No. 2, 2/97
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