Skip to content
BOL Conferences
Thread Options
#20394 - 06/11/02 06:16 PM Flood Determination

Are there any bankers that are charging for an in-house flood determination? Such as a $15.00 fee. How does this affect REG Z.

Return to Top
Lending Compliance
#20395 - 06/12/02 12:52 PM Re: Flood Determination
A D Virr Offline
Gold Star
Joined: Oct 2000
Posts: 398
Derry, NH
FEMA says that you can charge a fee for initial flood determinations provided they are bona fide and reasonable. Regulation Z 226.4(c)(7)(iv) includes fees related to flood-hazard determinations...provided they are bona fide and reasonable in amount. As long as the fee is reasonable and involves an initial determination there are no Reg Z issues.

This is my opinion and not that of my employers.
Allan D. Virr, CRCM,CRP
Compliance Audit Solutions, LLC

Return to Top

Moderator:  Andy_Z