Will examiners be looking for detailed procedures on how we evaluate high deductibles?
What has happened to flood penalties in 2019?
The maximum amount of flood insurance that can be purchased on a condo is 80% of the replacement cost of the building or the total number of units in the condo building times $250,000, whichever is less.
What if there is no documented Replacement cost on the building, should we use the appraisal value as the basis of our calculation?
Can you add force placed insurance to a non-accrual loan that is well collateralized? State laws and the contract allow it for it.
Two years ago we granted a new loan and took a first mortgage on a piece of vacant land as collateral. The loan is now going through a renewal. While completing the evaluation, we learned that the borrower; using his own cash, built a home on the property that’s encumbered. The way our mortgage reads, we have interest in ... all existing or subsequently erected or affixed buildings, improvements, and fixtures...
When we complete the valuation report, should the value of the home be included in the report and furthermore, if so, should the report be mailed to the borrower under Regulation B?
It seems that the MLA DMDC database is more complete than the SCRA DMDC database. For SCRA purposes, can we use the MLA DMDC for SCRA purposes?
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?