Hello, We have a property in a flood zone that is the primary collateral for a commercial loan [loan A]. The same property is cross collateralized in second position for a different loan [loan B]

Loan B was modified to extend the maturity date. Should the flood notice have been sent? THe appropriate flood policy and annual fl policy renewals have been in place timely and ongoing. It would not seem logical to me that the notice would be required because the coverage has already been in place?

Thanks

Anyone?

If you have extended the maturity date on a loan secured by improved real estate within an SFHA a new notice is required. Logic, unfortunately, has nothing to do with it.