posted 10-19-2001 01:33 PM
Can anyone tell me if a Certified Surveyor's letter would superceed a Flood Determination Company's findings and if so, would the regulators accept this?
Look at page 8 in the Mandatory Purchase of Flood Insurance Guidelines. FEMA states that lenders are bound by their maps until they are revised. Also, lenders cannot use another third party's determination in place of their (FEMAs) maps.
posted 10-19-2001 06:01 PM
To remove a property from a Special Flood Hazard Area, the borrower must apply for a Letter of Map Change (Letter of Map Amendment of Letter of Map Revision) from FEMA. Only FEMA can "bless" a change to a map.
I recently acquired a LOMA on my home. My county surveyor helped with the process. I had the results back in 12 days! I took the LOMA letter to my bank, my insurance agent and it now is framed and hanging in my living room (OK, I'm exaggerating a little).
posted 10-19-2001 01:33 PM
