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#1677937 - 03/15/12 11:19 AM Two different determinations
gaj Offline

Registered: 04/03/08
Posts: 76
Loan officer is working on a refinance. The flood determination in the file (completed by Federal Flood in 2009) shows the home is not in a flood zone. A new determination by another company shows that the property IS in a flood zone. There has not been a map change. A new determination by Federal Flood again shows the property in zone X. Can we rely on the Federal Flood determination? The borrower does not understand why he did not formerly need flood insurance but would now be required to purchase it.

Flood Compliance
#1677941 - 03/15/12 11:23 AM Re: Two different determinations [Re: gaj]
Dan Persfull Offline
10K Club

Registered: 08/28/02
Posts: 42344
Loc: Bloomington, IN
Can we rely on the Federal Flood determination?

No. You now have differing determinations. You, the financial institution, must reconcile the discrepancy to determine which vendor is correct.
The opinions expressed are mine and they are not to be taken as legal advice.

#1677983 - 03/15/12 12:04 PM Re: Two different determinations [Re: gaj]
Andy Z Online

10K Club

Registered: 10/27/00
Posts: 25489
Loc: On the Net
I had this and it may be that the two companies use differing methods. The bottom line may come down to a survey and an evaluation based on that. If both used the survey, conference call time.

The bottom line is you want the one that is correct, and the company with the flawed results has a little "splaining" to do.
My opinions are not necessarily my employers.
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