Hi All,
I have a loan that is closing that has building in a flood zone. I know I can close the loan with an application for flood insurance and proof of payment. My questions are with the proof of payment. Can the customer pay on a month to month basis or does the proof have to be for a full year's of coverage? Customer is trying for a LOMA and only wants to pay on a month to month basis for flood insurance. Of course this is all based on if the flood insurance company will allow the customer to pay on a month to month basis.
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Do or Do not There is no try.