and does not appear to be a tripwire during the life of the loan either.
Any time you become aware that your loan becomes secured by a building then that is a tripwire (see page 54 of the Mandatory Purchase Guidelines) requiring you to follow the flood insurance guidelines.
Also:
Sec. 339.6 Required use of standard flood hazard determination form.
(a) Use of form. A bank shall use the standard flood hazard determination form developed by
the Director of FEMA (as set forth in Appendix A of 44 CFR part 65) when determining
whether the building or mobile home offered as collateral security for a loan is or will be
located in a special flood hazard area in which flood insurance is available under the Act.
The standard flood hazard determination form may be used in a printed, computerized, or
electronic manner.