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#1651737 - 01/17/12 07:24 PM No flood zone stated on FPlaced policy
Ninky Offline
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Ninky
Joined: Nov 2002
Posts: 357
Doesn't the flood zone need to be reflected on a FPlaced policy? We have a loan applicant whose coverage provided for a 2nd lien application with us is under a FP policy with their 1st lien holder. Problem is, no flood zone on the policy. How can we accept this? Coverage is fine, but no zone reflected.

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Flood Compliance
#1651772 - 01/17/12 08:04 PM Re: No flood zone stated on FPlaced policy Ninky
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
If it is private insurance, many don't even pay attention to the zone. One price fits all, that is why it is so expensive.

The 1st lien holder force placed enough insurance to cover both loans? That would be a little unusual.
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#1651789 - 01/17/12 08:20 PM Re: No flood zone stated on FPlaced policy rlcarey
Dani York, CRCM Offline
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Dani York, CRCM
Joined: Apr 2005
Posts: 3,663
TN
Originally Posted By: rlcarey
The 1st lien holder force placed enough insurance to cover both loans? That would be a little unusual.


And have they agreed to add you to their FP policy as junior lien holder? Even if they want to, they may not be able to depending on the contract with their FP vendor.
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