We're reaching renewal periods for our balloon loans (yes, we still do those) and a few of them were offered the option to opt-out of flood insurance escrows back when the rule went in to effect. My understanding is that the Opt Out was for existing loans at the time, and that a simple renewal of a balloon is a MIRE event ... which would normally trigger the escrow obligation. The customer opted out - I am assuming that the opt-out carries forward.
Correct??

Any MIRE event extinguishes any previous opt-out by the customer.