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Keeping Bank Secrets: Things you Can Go to Jail for Telling;
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Checkup for your RDC Program;
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Critical Issues on Certificates of Deposit;
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S.A.F.E. Act - Auditing for Compliance;
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FinCEN's Beneficial Owners Proposal: What It Can Mean for You;
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Topic Options
#1401628 - 06/09/10 05:32 PM flood/ non participating community
TooTall Offline
100 Club

Registered: 08/26/04
Posts: 220
Loc: oklahoma
We are making a loan on a commercial building located in a SFHA. The community where the builing is located does not participate in the NFIP so flood insurance would not be available or required.
But the county in which the community and the building are located does participate in the NFIP. Would this require flood insurance on the building.I can find nothing in the guidelines that addresses county participation.

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Lending Compliance
#1401684 - 06/10/10 08:39 AM Re: flood/ non participating community [Re: TooTall]
Dan Persfull Offline
10K Club

Registered: 08/28/02
Posts: 40599
Loc: Bloomington, IN
If the community does not participate then flood insurance would not be required because a NFIP policy is not available in the community, you would however still have to send the notice of availability.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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