While auding flood loan files, I found one loan that was secured by a property, and due to remapping, is now in a flood zone. Instead of going ahead and sending the 45-day force placement letter, the loan department contacted the lender asked them to contact the customer about getting flood insurance. When that didn't work, the loan department finally sent the 45 day letter to the borrower about three months after initially discovering the property was in a flood zone. My question is, is there anywhere in the REG, FAQs or Mandatory Purchase that says when that letter should have been sent? I know we have messed up and I trying to figure out how bad.
Thank you for any assistance with this.
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CRCM