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#22713 - 07/05/02 02:17 PM flood determination

One of the trip wires for flood is an 'extension'. I feel confident that this does not apply to a monthly payment deferral, but need some help finding the documented support of this. Can someone direct me?

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Lending Compliance
#22714 - 07/05/02 05:44 PM Re: flood determination
Lucy Griffin Offline

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Lucy Griffin
Joined: Nov 2000
Posts: 1,544
"Extension" refers to any change to the legal obligation. For example, if you re-amortize the loan to reduce payments or agree to extend a deadline or maturity date, it would be an extension. Allowing the customer to make a late payment would not be an extension. And you should be covered for flood insurance purposes already -- if you have been in compliance.

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