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#2232234 - 03/03/20 09:19 PM Flood coverage timimg
mdog76 Offline
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Joined: Jan 2007
Posts: 645
I'm wanting to check myself on something but we have flood loan set to close 3/5/20. The customer has brought us the flood application and proof of payment but the policy period is not until 4/2/20. We can't close this loan can we? Also, has anyone seen a policy that will not be effective until 30 days after closing?

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Flood Compliance
#2232240 - 03/03/20 09:34 PM Re: Flood coverage timimg mdog76
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,971
Galveston, TX
No - there should be no wait. The agent screwed up. They need to get that changed or you need to wait.
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#2232241 - 03/03/20 09:35 PM Re: Flood coverage timimg mdog76
Skittles Online
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Skittles
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TN
Since you won't have flood insurance in place at closing you are correct - you can't close. Is this a purchase loan?
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#2232242 - 03/03/20 09:39 PM Re: Flood coverage timimg mdog76
mdog76 Offline
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Posts: 645
This is a commercial loan.

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#2232244 - 03/03/20 09:49 PM Re: Flood coverage timimg mdog76
Skittles Online
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Skittles
Joined: Sep 2002
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TN
Your customer needs to talk to the agent and get it corrected by 3/5 if that's when they want to close.
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