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#1756419 - 11/08/12 04:53 PM Flood and Participation Purchased
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
We have been asked to purchase a portion of a loan secured by improved real estate. When reviewing the documents I noted that the flood determination should have been updated when the loan was done. Are we required to obtain this determination prior to funding?

Sorry - I tried to search and didn't see anything.
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Flood Compliance
#1756436 - 11/08/12 05:16 PM Re: Flood and Participation Purchased Skittles
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,310
Galveston, TX
Depends - there are a couple of Q&A's on participations in the 2009 release. It depends at what point you get involved in the transaction.
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#1756467 - 11/08/12 06:08 PM Re: Flood and Participation Purchased Skittles
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
Thanks for the response - and I found out that the new note wasn't actually a refinance - they modified the original rate and did not extend the term so no new flood determination was required.

(FWIW - this is 5 years after the original note date)
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