How can we automate the flood certificate management process?
If we make a loan secured with a building built on two parcels but only has one address, do we need to order flood determination on both parcels or just the address?
We are taking a negative pledge agreement on a loan. A mortgage will not be filed. Is flood insurance required if the building is in a SFHA?
With the talk of changes in flood compliance, I am finding myself confused about calculating adequate flood coverage. Are we currently to use appraisal minus land or insurance replacement? I know it would be one of those two or then the total of all loans or the maximum NFIP available. I am just not sure on the appraisal minus land or insurance replacement cost.
Is it acceptable for flood insurance to be in place after settlement but before the three day right of rescission is up?
We are doing a modification to a commercial loan with collateral in a Special Flood Hazard Zone. Our determination will be 7 years old in 2013. The maturity date of the loan is 2016. There are no new funds, the loan is not being extended just a rate change. Do we need a new determination? Also, if not, does a new determination have to be done upon the 7 year anniversary of the determination? Or, only if we extend, renew or add funds? The determination is life of loan.
We are discussing the requirement to purchase flood coverage from NFIP. The property in question is insured via private insurance which includes Flood coverage for this property, but in excess of the $500,000 maximum limit provided by NFIP "whether NFIP coverage is purchased or not". The financial ability of the borrower to withstand a $500,000 deductible is assumed in this case - the question being whether the private insurance is in compliance if a deductible of $500k or more applies?
If you have a joint application and the property is in a flood zone, do both applicants need to sign the Flood disclosure?
We have a loan where the outbuilding is in a flood zone but the residence is not. Do we require flood insurance on the outbuilding? I read on a question and answer website that mortgagees generally do not require flood insurance on detached structures. Is this correct?
We have an existing unsecured loan that we are going to take "abundance of caution" liens on 2 improved properties (which also secure other debt with us and we are in the priority lien positions). One house is located in a flood zone. There is NO new money involved. Are we required to obtain a flood policy?