Flood - Life of Loan Certification Coverage
Dan Persfull, BOL Guru Guru Bio
Question: For loans that close with subordinate financing (first and second closing together) we currently only order one flood. Does the life of loan certification cover both the first and second loan?
Answer: You need to read your vendor contract or ask them how their life of loan monitoring works. Life of loan monitoring is not a mandatory requirement unless you sell to Freddie or Fannie.
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