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#1684190 - 03/30/12 03:30 PM Property now in Flood Zone
BankerChic24 Offline
Junior Member
Joined: Jul 2011
Posts: 45
Midwest
We have been notified that a property we have a mortgage on that originally was not in a flood zone is now in a flood zone due to re-mapping. Do we have to notify the customer with a letter and the flood zone disclosure notice on EACH loan tied to this property? On one of the loans, this property was only taken as an abundance of caution.
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Lending Compliance
#1684198 - 03/30/12 03:40 PM Re: Property now in Flood Zone BankerChic24
ahou Offline
Power Poster
ahou
Joined: Aug 2002
Posts: 3,094
For each building that is now in a flood zone, you have to obtain flood ins - so yes, send a 45 day customer letter. For flood and most other regs, the term "abundance of caution" is inapplicable.
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