Thoughts please:
Is there a UDAAP concern for not informing the borrower of their FP flood policy coverage?
If the regulation states that force placed coverage should be obtained for the benefit of the borrower, and the borrower is being charged; shouldn't they be made aware of the amount of coverage.
Example: Borrower is informed of their coverage amount at initial placement of the FP policy. Then at annual renewal a renewal notice is delivered that includes the renewal premium, but does not include the coverage amount. The coverage amount sometimes changes at renewal if the loan is paid down; so it could be different than what was originally placed.
I would love to hear other's opinion on this since UDAAP is rather subjective.
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"It's time for the Jedi to end."
Luke Skywalker