Flood Notification - Dan Persfull

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Flood Notification
by Dan Persfull, BOL Guru
Guru BIOS

Question:We are making a new loan to pay off a home loan and add additional funds. The property is in a flood area and notice was given to the customer on the existing loan. Since we are able to verify that the customer has been notified of the flood status prior to the existing loan what are the requirements for reasonable notice?

Answer: Any time you extend, renew/refinance or make a new loan you must follow the flood provisions. They say 10 days is a reasonable notice period, however in the case of renewals I would opine as long as you can show the notice was given before the date of the loan you would be OK. As a matter of practice we provide the notice immediately when we pull the file and see the property is in a SFHA.

First published on BankersOnline.com 6/06/05

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