Who Gets a Flood Notice?

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Who Gets a Flood Notice?
Answers by John Burnett and Mary Beth Guard, BOL Gurus

Question: Does the customer have to sign the Flood Determination Form if the property is not located in a flood hazard area?

Answer by John Burnett:
BIO AND CONTACT INFO
No.

Answer by Mary Beth Guard:
BIO AND CONTACT INFO
You are only required to give a flood notice to the borrower if the property is actually located in a flood hazard area. There is no "negative notice" -- i.e., a notice that says "Your property is NOT in a flood hazard area".

First published on BankersOnline.com 1/6/03

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