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#1920315 - 05/06/14 02:05 PM $ Flood needed on loan with other types of coll
Patricia Offline
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Joined: Mar 2011
Posts: 335
Kansas
The bank has a loan with property located in a flood zone and other collateral taken on this loan such as a vehicle, boat, and a life insurance policy. So the amount of flood insurance needed would be the lessor of the appraised value of the property or the total loan amount. Is this correct? Thanks.

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Flood Compliance
#1920316 - 05/06/14 02:08 PM Re: $ Flood needed on loan with other types of coll Patricia
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
The lesser of the replacement cost value or the amount of the loan.
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#1920322 - 05/06/14 02:14 PM Re: $ Flood needed on loan with other types of coll Patricia
Patricia Offline
Gold Star
Joined: Mar 2011
Posts: 335
Kansas
Thanks Swiggles.

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#1920336 - 05/06/14 02:40 PM Re: $ Flood needed on loan with other types of coll Patricia
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
It's RCV IF the property is 1-4 owner occupied. Otherwise it's ACV or loan amount up to max amount for type of property.
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