Is it necessary to pull another flood cert when we pulled one last month and already know property is in a flood zone? Property is already collateral on one loan and has sufficient insurance. Officer is making a letter of credit where same property is cross collateralizing this letter of credit.

Sorry if this got a little wordy.

Thank you.

Q&A #37

http://www.bankersonline.com/tools/flood_faq_2011_10_17.pdf

A new notice to borrower would have to be given regardless of how you handle the FHD. Q&A #79

I hadn't thought about using an old notice-like a notice from a determination 3 years ago. I guess I should be looking at the dates on the notices. Is the only way to provide a new notice to pull a new determination? Do we have to use the notice that comes with the determination, or can we make a generic notice to inform the customer? This sounds like a dumb question, but hey, it's Friday and I just spent a week and a half trying to decide if a customer built a warehouse on a flood plain, so bare with me please.

You have to provide a new notice. How that notice is generated really depends on your document systems and vendors.

Most banks get a recertification of the original FHD rather than themselves pulling the flood maps and making sure that the maps have not changed and then documenting all of this. The vendor would then provide a new notice.