We need your input. We are deploying a survey today that asks 33 questions about how your institution is dealing with the impact of the lending compliance regulations that took effect in January, 2014. We're taking a snapshot in time. The survey, which is anonymous, will only be available for 24 hours. We are asking for the participation of every financial institution that uses BankersOnline. [One survey per institution, please.] Help us capture an accurate picture of where we are with lending compliance right now. We estimate you should be able to complete the survey in about 10 minutes depending on how familiar you are with your bank's products and history. Most questions are multiple choice with the last two asking for a short narrative. We appreciate your feedback.
#1529518 - 03/31/1111:56 AMNon-Participating Community
I have a loan that is located in a flood hazard area and the community does not participate in the NFIP, can you require flood insurance on the property?
The customer purchased a flood policy and paid the full premium. The insurance company has rejected the policy for several different reasons. First they needed an elevation certificate. We provided that to them. Then we were notified that the community chose not to participate in the NFIP back in December 2010 and they could not write the policy and the customer would NOT be able to purchase a flood policy on the property.
What do I need to do to insure we are in compliance?