Skip to content
BOL Conferences
Thread Options
#1694548 - 05/01/12 08:52 PM LOMA received, what now?
Burgess Offline
Diamond Poster
Joined: Jan 2004
Posts: 1,621
we received a LOMA from FEMA.
It says that a portion of the property has been removed from flood zone A.

Great - but what now. Are we done or do we need to do a new flood determination and point out the LOMA to our determination company?
_________________________
My views, not my employer's views.

Return to Top
Flood Compliance
#1694570 - 05/01/12 09:36 PM Re: LOMA received, what now? Burgess
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
1. Make a copy of the LOMA for your file.
2. Contact your SFHDF vendor and ask them to give you a new SFHDF with the LOMA info.
3. If there's insurance in place, contact the agent and tell them you're releasing the requirement to have insurance. They'll want a copy of the LOMA too. The customer should then get a refund of the insurance premium.
_________________________
David Dickinson
http://www.bankerscompliance.com

Return to Top
#1721031 - 07/18/12 02:10 PM Re: LOMA received, what now? David Dickinson
upstateNY Offline
Platinum Poster
Joined: Apr 2003
Posts: 933
New York State
Originally Posted By: David Dickinson
1. Make a copy of the LOMA for your file.
2. Contact your SFHDF vendor and ask them to give you a new SFHDF with the LOMA info.
3. If there's insurance in place, contact the agent and tell them you're releasing the requirement to have insurance. They'll want a copy of the LOMA too. The customer should then get a refund of the insurance premium.


What if the bank has been forceplacing coverage for a few years prior to the receipt of the LOMA letter. Is the bank subject to the same refund of premiums. The customer is refusing to pay us the forceplaced premiums, and our belief is that we cannot obtain refunds, that only the customer can.

Return to Top
#1721054 - 07/18/12 02:39 PM Re: LOMA received, what now? Burgess
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
You are going to have to read your force placed flood insurance master policy, since many of these are private insurance.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top