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#2179104 - 05/22/18 03:45 PM Fee for accessing Private Flood Policies
Still Smiling Offline
Platinum Poster
Joined: Nov 2007
Posts: 767
Currently we are considering using a third party to review all private flood insurance policies to ensure that they meet the standards of a NFIP policy. The third party charges $200.00 per hour to perform this assessment, does anyone know if this fee can be passed on to the consumer?
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Flood Compliance
#2179121 - 05/22/18 04:54 PM Re: Fee for accessing Private Flood Policies Still Smiling
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
Not IMO. The ACT allows you to charge the borrower the costs associated with obtaining the policy. That review is not a cost associated with obtaining the policy.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2179131 - 05/22/18 05:41 PM Re: Fee for accessing Private Flood Policies Still Smiling
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,365
Galveston, TX
Allowable fees on a mortgage loan is a State law issue.

Dan - this is not force placing a policy.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2179173 - 05/22/18 07:04 PM Re: Fee for accessing Private Flood Policies Still Smiling
Still Smiling Offline
Platinum Poster
Joined: Nov 2007
Posts: 767
Thank you both for responding and Randy is correct. These policies would be for new loans and or renewal policies.
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Comments are strictly my own and not that of my employer.

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