What has happened to flood penalties in 2017?
If a flood determination states that the property is not in a SFHA; however, the loan officer is aware that the area is flood prone, can the officer require the customer to get flood insurance?
How do you deal with determining ongoing content coverage when you are taking something like inventory for collateral, which can change at any point in time. Do you need to get a list yearly from the customer?
If we modify a loan that we are servicing and it is already in a Special Flood Hazard Area, do we have to provide another flood notification?
We are taking a non-residential property as collateral for a commercial loan. Do we need to give a flood notification if the property is in a Special Flood Hazard Area?
If our flood vendor provides us with a flood determination after a map change that reflects the new map date, does this mean we need to order a brand-new flood determination?
How can we automate our notice letters for flood zone loans?
When there is a mortgage on a non-residential condo unit and the property requires flood insurance which is provided by the condo association, what is the best practice for the mortgagee on the unit so as to be notified if a lapse in coverage occurs? Our borrower has the inside of the unit covered for flood, but the condo association is not otherwise providing us with information on the common areas its policy covers.
We have a no cashout refinance where property is in a flood zone. The way I read the flood rules, we still need a declaration page evidencing coverage and then during our ongoing monitoring of the property, we can then accept a notice of insurance coverage at that point. Is this correct?
How do you calculate flood insurance on a duplex where the borrower is purchasing both and they will live in one as their primary residence and the other side will be a rental? There will be two separate purchase loans; one for the primary residence and one for the rental. Does it make a difference if it is titled differently vs titled the same?ra