Skip to content
BOL Conferences
Thread Options
#2117148 - 02/06/17 07:10 PM Map Changes in Area - Timeframe to Notify Borrower
TeamComply Offline
Platinum Poster
Joined: Aug 2016
Posts: 543
We have recently had numerous flood map changes in our lending area. Once notified by our flood determination service provider that a specific property is now in a flood zone, how much time do we have then to notify our customer and request for flood insurance? We have had numerous properties affected by the map changes, so this is more than just one or two flood letters that have to be sent out.

Return to Top
Flood Compliance
#2117162 - 02/06/17 07:47 PM Re: Map Changes in Area - Timeframe to Notify Borrower TeamComply
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
The only guidance would be "promptly". Just make sure your definition matches the expectations of your regulator. A week might be able to be justified depending on how many you are talking about. A month, not so much.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2118847 - 02/18/17 02:02 PM Re: Map Changes in Area - Timeframe to Notify Borrower TeamComply
MScarn6942 Offline
Platinum Poster
Joined: Aug 2015
Posts: 756
Land Lacking in Lakes, IL
What if a property is mapped into a different zone, but is still not in a flood zone and does not require flood insurance? Are you required to send notice of that to the borrower?
_________________________
"Pressure is something you feel when you don't know what you're doing" - Peyton Manning

Return to Top
#2118849 - 02/18/17 02:18 PM Re: Map Changes in Area - Timeframe to Notify Borrower TeamComply
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
No.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top