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Flood again, with a different wrinkle
by Dan Persfull, BOL Guru
Guru Bios
Question:I have a flood certification that indicates "preliminary determination: the property is partially in SFHA. A map detailing location of the improvements is required to make final determination." The county is NOT in a participating community....what are the requirements in this scenario? Do we have to provide the information to the flood determination company, or can the bank determine whether or not the improvements are in flood area and continue on with the loan?
Answer: You must make an accurate determination whether any buildings securing the loan are in a SFHA before you make the loan. You may do this by reviewing the maps, or you may do it through a 3rd party vendor. The "final" determination must be on the SFHDF. Properties in a SFHA that are located in a non-participating community do not require flood insurance, but you must still provide all necessary notifications to the borrower before the loan is made.
First published on BankersOnline.com 6/06/05
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