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#2185846 - 07/18/18 03:00 PM LexisNexis ins tracking notice proof of flood ins?
BotV#6 Offline
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BotV#6
Joined: Nov 2004
Posts: 2,541
Anywhere I want to be
I recently started with a new bank. It's examined by the Fed. In looking through some of the flood loan files, I noticed for proof of coverage they used the Lexis Nexis insurance tracking notices instead of obtaining a copy of the declaration page for flood insurance renewals. My past experience with the Lexis Nexis tracking notice is that it isn't always accurate plus having worked for FDIC and OCC banks, the FDIC and OCC always wanted copies of declaration page to show proof and said the insurance tracking notice isn't sufficient. Not being familiar with the Fed examiners yet, do I need to make this an issue and have the staff retroactively obtain the declaration pages for those that only had the Lexis Nexis insurance tracking notice?

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Flood Compliance
#2185917 - 07/18/18 05:47 PM Re: LexisNexis ins tracking notice proof of flood ins? BotV#6
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
If you want to eliminate any potential criticism, get the Dec Page. You could call your local examiners and ask them what they think. This would also allow you to introduce yourself to them and begin a relationship with them - which I encourage you to do anyway.
_________________________
David Dickinson
http://www.bankerscompliance.com

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