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#2207597 - 03/01/19 09:51 PM Flood Escrows
Tesla Offline
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Joined: Nov 2003
Posts: 3,669
OK - I am not sure if I missed something or what, so please help! smile

I [/i]thought[i] commercial loans and HELOCs were exempt from flood escrow requirements, but I am reviewing some loan files and seeing escrows on all. What did I miss?
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Flood Compliance
#2207598 - 03/01/19 10:14 PM Re: Flood Escrows Tesla
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,965
Galveston, TX
Nothing.

(ii) Exceptions. Paragraph (e)(1)(i) of this section does not apply if:

(A) The loan is an extension of credit primarily for business, commercial, or agricultural purposes;

(D) The loan is a home equity line of credit;
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#2207599 - 03/01/19 10:15 PM Re: Flood Escrows Tesla
Tesla Offline
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Joined: Nov 2003
Posts: 3,669
Thank you! I thought I was going crazy well----maybe I am. frown
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#2207778 - 03/05/19 03:32 PM Re: Flood Escrows Tesla
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,598
Cape Cod
Having an exemption for the requirement doesn't mean that you aren't permitted to escrow flood premiums for such loans.
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