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#1783930 - 02/07/13 09:07 PM Re: Biggert-Waters Flood Insurance Reform Act of 2012 rlcarey
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Joined: Dec 2011
Posts: 90
Originally Posted By: rlcarey
The Senate pased S. 3677 yesterday to clarify that the escrow requirement only impacts residential and not commercial loans.


Technical correction qualified that escrow requirements apply to "residential improved real estate," so could still potentially impact commercial loans if secured by residential real estate, correct?

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Flood Compliance
#1784017 - 02/08/13 12:22 AM Re: Biggert-Waters Flood Insurance Reform Act of 2012 ComplianceGrl15
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 84,368
Galveston, TX
All we have to go on is this:

SECTION 1. TECHNICAL CORRECTION.

Section 102(d)(1)(A) of the Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a(d)(1)(A)) is amended by inserting ‘‘residential’’ before ‘‘improved real estate’’ each place that term appears.
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