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#1695491 - 05/03/12 07:09 PM RCV vs ACV - Is this owner occupied?
Kelsey D Offline
Platinum Poster
Joined: Aug 2006
Posts: 516
Ohio
We have a commercial loan secured by multiple properties, one of which is in a flood zone. I know that the insurable value is less than the loan amount and the NFIP maximum, but I can't decide if the insurable value is RCV or ACV, and the two amounts differ by about $40,000. In this situation, the commercial customer has a loan on a property that is being sold via land contract. The property is occupied by the buyer, but who is the owner? Is it owner-occupied? Our customer, the seller in the land contract, is purchasing the flood insurance, if that matters. Thank you in advance for your help.
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Flood Compliance
#1695524 - 05/03/12 07:44 PM Re: RCV vs ACV - Is this owner occupied? Kelsey D
WI Banker Offline
Gold Star
Joined: Dec 2006
Posts: 253

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#1695664 - 05/04/12 12:31 PM Re: RCV vs ACV - Is this owner occupied? Kelsey D
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,637
Galveston, TX
Maybe, maybe not, it depends on what is meant by a "land contract". Who is the current titled owner? If it is still the borrower - refer to the linked post.
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