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#2233796 - 03/27/20 04:44 PM Modification
parr04 Offline
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Joined: Aug 2004
Posts: 379
oklahoma
As you can imagine we are receiving a high volume of request to defer loan payments.
When we defer a payment the maturity date is also extended.
I believe this requires a flood certification.
Is this correct?

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Flood Compliance
#2233803 - 03/27/20 05:09 PM Re: Modification parr04
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
If the loan is secured by improved real estate then your bank must determine if the existing determination meets guidelines (i.e. less than 7 years old, etc.). If not then you will need to obtain a new one. Also, if the improvements are within an SFHA then the customer must receive a new flood disclosure.
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#2233860 - 03/30/20 01:26 PM Re: Modification parr04
Jim Schue Offline
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Joined: Jan 2017
Posts: 21
It's going to be a customer service headache when a customer requests quick Covid-19 relief and leaves with a requirement to purchase flood insurance and establish an escrow. Hopefully timely LOL updates will limit those instances.

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#2236136 - 05/04/20 10:07 PM Re: Modification parr04
CRL Offline
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Posts: 567
Can I confirm what date I should be checking when I'm looking at https://msc.fema.gov/portal/search to see if we can use an existing determination (less than 7 years) for a IRE event. Do I use the most recent date of any revisions and/or amendments to check against the date of my last determination letter?

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#2236139 - 05/04/20 10:47 PM Re: Modification parr04
rlcarey Offline
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Galveston, TX
Once you do your search you should see this at the top of the map:

The flood map for the selected area is number 48167C0443G, effective on 08/15/2019
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#2236145 - 05/05/20 12:11 AM Re: Modification parr04
CRL Offline
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CRL
Joined: Sep 2003
Posts: 567
So Randy if there is a revision or amendment to the map after the effective date, I still use the effective date?

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#2236147 - 05/05/20 11:19 AM Re: Modification parr04
rlcarey Offline
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Posts: 78,618
Galveston, TX
A LOMA or LOMR only impacts specific properties and only to remove them from a flood zone.
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#2236177 - 05/05/20 03:52 PM Re: Modification rlcarey
CRL Offline
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CRL
Joined: Sep 2003
Posts: 567
Thank you for clarifying!

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