Same scenario as above, flood map change on existing loan.
Is the force place policy effective on day 46 or day 1?
Meaning, if the borrower does not obtain flood insurance within the 45 days, can we retroactive the force place policy to day 1? or would the force place policy have an effective date on the 46th day?
i.e. 45 day notice sent on 1/1/13, on 2/15/13 (46th day) we force place with a policy effective date of 1/1/13 - 1/1/14 (retro) and the premium will cover the initial 45 days.
OR we force place with a policy effective date of 2/15/13 (46th day) - 2/15/14, the initial 45 days is not covered.
What is the industry standard?
Thank you for your help!