Skip to content
BOL Conferences Top Gun 23
Thread Options
#2265005 - 01/21/22 07:31 PM New Flood Determination Required
kmenard Offline
Member
Joined: Oct 2014
Posts: 67
Is the addition of force placed flood insurance premium to the loan a MIRE event? So a new Notice of Flood Hazard Insurance would need to be sent to the customer. Can we depend on the previous determination? We are not currently sending a new Notice of Flood Hazard Insurance when we force place insurance but are being advice to start doing this.

Return to Top
Flood Compliance
#2265018 - 01/21/22 08:45 PM Re: New Flood Determination Required kmenard
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 80,357
Galveston, TX
It totally depends on whether or not the force placement constitutes a MIRE. How are you collecting the premium?

Read Force Placement of Flood Insurance Question #10 - even though these are still just proposed, this duplicates current communications from the regulators.

https://www.fdic.gov/news/press-releases/2020/pr20077a.pdf
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top