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#1955912 - 08/21/14 09:27 PM Force Placed Policy sent to Borrower?
MA_fshngchk Offline
Junior Member
Joined: Sep 2011
Posts: 25
Massachusetts
After the 46th day has expired and the property has had flood insurance force placed, is it a requirement that a copy of the flood declarations policy be sent to the borrower?
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Flood Compliance
#1955949 - 08/21/14 11:41 PM Re: Force Placed Policy sent to Borrower? MA_fshngchk
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
One question: You buy a policy for the customer but don't plan on giving them a copy of the policy???
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#1955997 - 08/22/14 01:08 PM Re: Force Placed Policy sent to Borrower? MA_fshngchk
MA_fshngchk Offline
Junior Member
Joined: Sep 2011
Posts: 25
Massachusetts
We plan on following the reg requirements, does anyone know if it is a REGULATION REQUIREMENT?
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#1956367 - 08/22/14 09:28 PM Re: Force Placed Policy sent to Borrower? MA_fshngchk
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
Well, this transcends regulations. If there is a claim to be made, how is the customer suppose to know: how to file, what is or is not covered in the case of a dispute, etc.

The coverage that you force places is not for the bank, it is for the customer. The details of the policy should not be a big secret.
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#1956574 - 08/25/14 03:28 PM Re: Force Placed Policy sent to Borrower? MA_fshngchk
MA_fshngchk Offline
Junior Member
Joined: Sep 2011
Posts: 25
Massachusetts
Okay, makes sense. Thanks for the help!
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