Have kind of a unique situation:
- Loan originated, flood determination showed to be in a flood zone. Flood application was rated for the correct zone. However, when policy officially issued, the zone changed to X. We decided to force place due to inadequate coverage.
- Private flood policy has now expired, but force placed policy is still in effect. We are preparing the 45 day notice to send out, but am unsure on how much coverage to say is needed. Do we ignore the force placed policy and advise that the max amount of coverage is required (loan is commercial and amount is above $500M)?
Thank you for your help!