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#1854013 - 09/19/13 09:11 PM RCBAP - 30 day waiting period
Likes to Comply Offline
Diamond Poster
Joined: Nov 2008
Posts: 1,065
In the mountains
The 30-day waiting period applies to the RCBAP, unless the condominium association is purchasing flood insurance required by the association’s mortgage company.

So if the association is obtaining the RCBAP (thought they had an RCBAP, but the policy was written incorrectly) but it is the unit owner that is refinancing their mortgage on the unit and using the RCBAP for flood insurance, do we have to hold out the closing for 30-days until the insurance kicks in? Or is the fact that it was purchased and paid for (application/proof of payment) acceptable to close the loan?
Always learning something new...

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Flood Compliance
#1854077 - 09/20/13 03:37 AM Re: RCBAP - 30 day waiting period Likes to Comply
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 80,359
Galveston, TX
Flood insurance has to be effective on the date the loan is made.
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