Hi, Loan is scheduled to close today. It's a refinance of a SFH in a flood zone. With the refinance, the borrower type is changing rom an individual to a Trust (i.e. John Smith is refinancing this SFH and borrowing under the John Smith Rev Trust). Current flood policy is in place in the name of John Smith. Insurance carrier sent over a change request form, but we think we need an endorsement. Thoughts?

Assignment of Policy

A building owner’s flood insurance building policy may
be assigned to a purchaser of the insured building
with the written consent of the seller. The seller must
sign the assignment endorsement on or before the
closing date. Policies on buildings in the course of
construction and policies insuring only contents may
not be assigned.

The assignment section on the General Change
Endorsement form must be completed. Select “Other”
on the General Change Endorsement form if the
assignment is due to inheritances, gifts, transfers of
ownership without purchase, assignments to an estate
or trust, or at the time of foreclosure.

Thanks, Randy. So we will hold out for the GC Endorsement.