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#2076610 - 05/02/16 05:30 PM Clarification of Force Placement
George Offline
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Joined: Apr 2016
Posts: 364
I am a little confused. I am 99% sure that I read/heard in a webinar that lenders can force place flood day 1 after the current policy lapses, but must send out the 45 day notification letter. In my research today, everything sounds like we HAVE to wait the 45 days until force placing. Can anyone shed some light on this please?

Thank y'all in advance!

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Flood Compliance
#2076615 - 05/02/16 06:07 PM Re: Clarification of Force Placement George
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
1. You must notify the borrower upon discovering inadequate insurance.
2. You can force place the insurance at any time, but must do it by day 46 after notifying the customer.
3. You can charge the borrower as soon as you force place insurance.
4. If the borrower purchases their own, you must cancel your force placed policy and refund any overlap.

What are you reading that contradicts this (saying you have to wait)?
_________________________
David Dickinson
http://www.bankerscompliance.com

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#2076621 - 05/02/16 06:22 PM Re: Clarification of Force Placement George
George Offline
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Joined: Apr 2016
Posts: 364
I am looking through webinar material and other compliance material that I have. That's just how I am interpreting it, that we have to wait. But I wasn't completely positive.

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#2076639 - 05/02/16 07:40 PM Re: Clarification of Force Placement George
George Offline
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Joined: Apr 2016
Posts: 364
Quick follow up: I am assuming the borrower is still responsible for any monies owed for any non-overlapped time?

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#2076641 - 05/02/16 07:50 PM Re: Clarification of Force Placement George
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Quote:
Quick follow up: I am assuming the borrower is still responsible for any monies owed for any non-overlapped time?

Yes
_________________________
David Dickinson
http://www.bankerscompliance.com

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#2076642 - 05/02/16 07:51 PM Re: Clarification of Force Placement George
George Offline
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Joined: Apr 2016
Posts: 364
Thank you, David, I appreciate your help sir!

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