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#1129050 - 02/12/09 08:15 PM Reuse Flood determination
donna.raisor Offline
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Posts: 554
If a customer comes in and wants to consolidate debts and they have an existing loan with us secured by property that we did a SFHD on and we pay off the existing loan and do another loan consolidating all debts and the loan will be secured by the same property can you reuse that SFHD form from the loan we paid off or is a new one required?

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#1129109 - 02/12/09 08:49 PM Re: Reuse Flood determination donna.raisor
#Just Jay Offline
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Cheeseheadland
If it is more than seven years old, no.

If not, then it may be spelled out in your contract with the flood determination company. The current determination may not be allowed to be used with a different loan, even though the collateral may be the same.

I ask though, why all the effort? For the price of a new determination and lol monitoring, you prolly already invested more in terms of value of time in trying to avoid ordering a new determination, than the cost of simply ordering a new one.

If it is the customer asking you do not order, they may know somethign you do not, and if they are not spilling, then all the more reason to order a new one!
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#1129155 - 02/12/09 09:14 PM Re: Reuse Flood determination #Just Jay
RR Joker Offline
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The Swamp
We don't reorder unless one of the tripwires exists (over 7, map change, form change). Be sure you give Notice, however, if it is in a designated zone.

That said, our LOL follows address rather than account number and they do allow for it, so it works well for us. As JJ said..depends on your contract.
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#1129180 - 02/12/09 09:30 PM Re: Reuse Flood determination RR Joker
#Just Jay Offline
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#Just Jay
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Posts: 14,390
Cheeseheadland
Originally Posted By: RR joker
We don't reorder unless one of the tripwires exists (over 7, map change, form change). Be sure you give Notice, however, if it is in a designated zone.

That said, our LOL follows address rather than account number and they do allow for it, so it works well for us. As JJ said..depends on your contract.


First, if you know there was a map change, I assume via your LOL monitoring, why order a new one?

Second, without ordering a new one, how can you be 100% certain your were correctly notified of a map change in the first place?
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#1129196 - 02/12/09 09:39 PM Re: Reuse Flood determination #Just Jay
rlcarey Offline
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Galveston, TX
Second, without ordering a new one, how can you be 100% certain your were correctly notified of a map change in the first place?

You can't - you would have to go look and document it.
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#1139139 - 03/03/09 07:49 PM Re: Reuse Flood determination rlcarey
swthomeala Offline
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Joined: Oct 2005
Posts: 39
Georgia
A financial institution may rely n a previous SFHDF if the following: completed by the same financial institution, less than 7 years old, map information correct (no map revision) and it was completed on a SFHDF.
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#1139436 - 03/04/09 11:44 AM Re: Reuse Flood determination swthomeala
rlcarey Offline
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rlcarey
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Galveston, TX
"map information correct (no map revision)"

That was my point, how do you document that fact?
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#1140376 - 03/05/09 02:28 PM Re: Reuse Flood determination #Just Jay
RR Joker Offline
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The Swamp
Originally Posted By: Just Jay
Originally Posted By: RR joker
We don't reorder unless one of the tripwires exists (over 7, map change, form change). Be sure you give Notice, however, if it is in a designated zone.

That said, our LOL follows address rather than account number and they do allow for it, so it works well for us. As JJ said..depends on your contract.


First, if you know there was a map change, I assume via your LOL monitoring, why order a new one?

Second, without ordering a new one, how can you be 100% certain your were correctly notified of a map change in the first place?



Because we routinely verify the maps/panels/and date accuracy. LofL notification can be delayed...I wouldn't want to rely on it.
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My opinion only. Not legal advice.

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#1140818 - 03/05/09 07:09 PM Re: Reuse Flood determination RR Joker
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
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Bloomington, IN
Quote:
LofL notification can be delayed...I wouldn't want to rely on it.



Most LOL monitoring only notifies you if the status of the property changes. So there could be a map change that does not affect the status of the property and you would not be notified of the map change through the LOL monitoring. So processing as RRJ does is advisable. I am also an advocate of obtaining a new determination, or at least a recertification each time a MIRE of a loan occurs.

If you're not sure how yours LOL monitoring works then you should read your contract and/or contact your vendor.
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